Electricity prices for New Jersey customers are set to rise significantly on June 1, according to a recent announcement. The increase will affect customers of Jersey Central Power & Light (JCP&L), with a typical user consuming 777 kWh per month expected to see their bill go up by 19.9%.
The price hike is linked to the Basic Generation Service (BGS) auction results announced by the New Jersey Board of Public Utilities (BPU). This auction determines the supply charge for electricity across the state. JCP&L explains that while they do not generate electricity or control supply prices, they are responsible for delivering electricity and collecting supply costs without markup.
Customers have two main charges on their electric bills: one for electricity supply and another from JCP&L for delivery. Customers can choose a third-party energy supplier potentially offering better rates than BGS. "You may be able to pay less each month by selecting a competitive supplier who may be able to offer a price lower than the BGS price," suggests JCP&L.
Several factors influence how much more customers will pay, including current energy use, future use, choice of energy supplier, and enrollment in programs like budget billing. Market conditions such as lower supply and higher demand are driving these increases.
To help manage rising costs, JCP&L offers several options:
- **Shop for Electricity**: Customers can explore competitive suppliers offering different rates and plans.
- **Budget Billing**: Known as the Equal Payment Plan (EPP), this option spreads annual costs over 12 months.
- **Analyze Usage Tool**: This tool helps users understand their electricity consumption patterns.
- **Bill Assistance**: Various programs are available for those needing help with home energy costs.
For further information or assistance, customers can contact Chris Hoenig at (609) 350-8599.