Energy choice throughout the state of New Jersey is pushing electricity rates down giving consumers a much needed relief on their monthly electricity bills. Not many consumers are seeing more benefit from state energy choice laws than residences of Newark, New Jersey where competitive electric rates are being offered at prices 16% below the utility default basic generation service rate.
The regulated utility company for the majority of Newark is PSE&G. In addition to being a regulated utility company in charge of power delivery and billing, PSE&G also charges the default rate for those power users who have not shopped for competitive power. Newark consumers who have not taken the time to shop for lower electric rates can find discounted electricity through a competitive energy supplier.
The great thing about New Jersey electricity choice is that choosing a lower rate does not effect the quality or reliability of the power being delivered. Many consumers exploring their options for the first time worry that choosing an alternative supplier will upset PSE&G. This thinking is completely inaccurate as PSEG does not care if their customers buy their power from competitive electricity companies. The reason for this is that PSEG remains a regulated company, by the New Jersey Board of Public Utilities. Their revenues come from the delivery charges on the electricity bill, and they receive no profit from the default supply rates that they charge to customers who have not switched over to a competitive electricity company.
Shopping for the best energy rate is truly just about paying less money on the PSEG electric bill. Nothing else changes! Here is a list of some current electricity rate offers for Newark and other PSEG customers.