According to state officials on Wednesday, the top four electric companies in New Jersey will take $60 off their customers’ bills during the warmest months of the summer and when demand for power is at its highest.
The New Jersey Board of Utilities said that Atlantic City Electric, PSE&G, Jersey Central Power & Light, and Rockland Energy have reached an agreement to postpone rates, which will assist reduce bill prices by $30 for July and August.
However, the funds will need to be reimbursed.
The $30 will appear as a credit on the bills for July and August, but it will be paid back in $10 monthly installments from September through February, when electricity consumption is lower.
According to a news release from the New Jersey Board of Utilities, customers will not pay more than they would have initially due to the deferral.
According to NJBPU authorities, the four energy companies have decided to forgo reconnection fees and refrain from cutting off power to qualified consumers in July and August. Murphy had previously asked that this be done in order to assist clients who were struggling with exorbitant expenses.
“The NJBPU is always focused on affordability, and today’s actions demonstrate that we are here to help,” stated Christine Guhl-Sadovy, president of the NJBPU.
The deal comes after Governor Phil Murphy’s earlier announcement that the state would spend $430 million to provide relief to all 3.9 million ratepayers in New Jersey, with the majority receiving $100.For their electric costs, people with low to moderate incomes could receive up to $250. That plan’s specifics have not yet been disclosed.
Despite long-term concerns, my administration is focused on short-term fixes, and we will keep collaborating with our (EDC) partners to provide assistance to businesses and people that are having difficulty paying rising power bills, Murphy said in a statement.
Rising energy costs have been a problem for New Jerseyans and have come up for discussion among state legislators. Following the approval of new tariffs during the annual energy auction process, customers are expected to experience a 20% hike in their bills.
Many customers were upset about their hefty bills last summer and wondered why the prices were so high.
Murphy has already declared further executive measures to address excessive electricity bills, including as requesting that utility companies extend the winter power shutoff ban to the hottest summer months.
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