Many PSEG energy customers are still surprised to learn that they can choose between multiple companies to buy their electricity and natural gas. Unlike the majority of cities in the United States, New Jersey consumers have the benefit of living in an electric choice market. The BPU oversees the competitive energy market in New Jersey. The benefits of having multiple energy companies offering you service centers around better customer service, green energy options, multiple rate products and terms, and above all cheaper electricity prices.
When shopping for the cheapest electricity rates in the PSEG territory, it is important to weigh out the term of the contract and whether it is a variable or low fixed rate. Many variable electric rates advertise a low rate, but has no guarantee to how high it can go after a month. Salespeople of such companies will argue that you can leave at any point. However, it will take up to one month and sometimes two for a switch to occur, and you won’t find out that you are overpaying until you get your electric bill. In the end you can easily end up overpaying a very high rate for three months even though you are on a month to month contract. Month to month floating prices are almost sure to increase substantially after the first month.
Fixed rates stay flat during the term of the contract. Since PSEG default rates – the price customers pay for electricity supply who do not choose a competitive supplier – are set for a year at a time, if you can find a fixed rate that is lower you will guarantee yourself electric bill savings.
Look below for an easy comparison of some of the cheapest electricity prices in PSEG. Prices are updated daily.