New Rate Hikes Approved For NJ Electric Companies

Living in Jersey has a lot of pros; we have easy access to 130 miles of beautiful and pristine beaches, we've got the best fresh produce around, and of course, the natural beauty of the state is like nothing else.

Of course, living in Jersey also comes with some cons.

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Primarily the cost of living can be a little outrageous.

For example, before my wife and I became residents of this fine state, we lived in Central PA. We paid $1,000 a month to rent a house on an acre of land.

So needless to say, to see what you could afford (or couldn't afford) in Jersey for only $1,000 was a bit of a shock.

But now that we've been here a few years and own a home the cost of living is just another fact of life.

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That being said, Jersey still has ways of surprising you; like when your utilities start to increase, and Jersey is about to see another major price hike in the near future.

Electric Costs In New Jersey Are About To Increase This Summer

Just in time for summer, another price hike was approved by the New Jersey Board of Public Utilities.

The newest price hike will go into effect in June of 2025, and you could see your electric bill increase between 17 and 20 percent depending on your provider.

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According to Patch, here's a breakdown of how much each utility is increasing costs;

Atlantic City Electric: 17.23 percent, or roughly an extra $28.02 a month

PSE&G: You'll see a 17.24 percent increase or roughly $26.87 a month extra

JCPL: 20.2 percent increase, roughly $22.67 extra per month

Rockland Electric: you could get an increase of about 18.18 percent which would be nearly $25.48 extra a month.

Why Is My Energy Bill Increasing In June?

It's part of New Jersey's Basic Generation Services Auction; each year it sets the cost of what companies will pay for electricity outside of the state.

Part of me gets it; everything gets a little more expensive each year, and it's only an extra $20 a month.

But with the sweltering summer, we had last year it could be costly; fortunately, most utility companies do offer payment plans to help families that are struggling to keep up.