NJ to see soaring electric rates starting June 1st
Higher costs for electricity by New Jersey’s four regulated Electric Distribution Companies (EDCs) will begin this summer according to the New Jersey Board of Public Utilities (NJBPU). The rate hikes result from New Jersey’s 24th annual electricity auction for Basic Generation Service (BGS).
The BGS auction determines, in part, the cost of electricity for most New Jersey residents and many businesses for a 12-month period starting June 1, 2025. Winning prices for all four EDCs increased compared to last year’s auction, with the average monthly bill projected to increase between 17.23% and 20.20% depending on the service territory.
NJ residents and businesses looking to shield themselves from the onslaught of higher energy prices can act now by contacting Accord Power to install solar and energy storage systems.
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