New Jersey Energy Costs Rising This Summer
New Jersey residents and business owners may have noticed a slight increase in their electric bills over the past few months.
Earlier this year, New Jersey approved the results of the state’s annual electricity auction for Basic Generation Service (BGS), resulting in higher costs for electricity supplied to most residents and businesses in parts of NJ.
According to the Board of Public Utilities, residents can expect to see their monthly electric bills range from an increase of 3.3% for Public Service Electric and Gas customers to a 6.9% increase for Rockland Electric customers.
Each year utility companies spend hundreds of millions of dollars upgrading their towers, lines, substations, and transformers. Paired with record inflation rates, the costs are passed on to the customer.
Fight Rising Energy Costs with Solar
Especially during the summer months, our utility bills can be through the roof thanks to constantly running air conditioning and other appliances. Going solar is a great way to combat those rising prices.
When you go solar, you could decrease the “electricity” portion of your electric bill if:
- Your solar panels operate at maximum efficiency
- Your home uses less electricity in the daytime than your solar panels generate
- Any excess generation is stored in solar batteries or sent back to the utility grid with net metering
- You can learn more about net metering here
- Your home uses less electricity than you have in your batteries or you have net metering credit to cover that usage
Your electric bill is based on two factors – how much electricity you use and the rate at which the utility company charges for that electricity. If you’re on grid power, then unfortunately there is nothing you can do to decrease your rates. That means that if you want to lessen your bill, you’ll need to focus on using less energy.
On the other hand, with a solar system, you won’t have to worry as much about utility prices. For most people, you’ll still need to pay monthly service charges to your utility company even after installing solar. In addition, if your solar offset isn’t 100%, then you will still have to pay for some electricity. Even with those costs, your bill will most likely be much smaller thanks to solar.
Utility companies rely on nonrenewable energy sources such as coal, oil, and natural gas to power homes across the country. The cost of these fossil fuels are vulnerable to fluctuating markets, so electricity costs often rise and change every year. But when you install solar panels, you won’t have to worry about how much your electric company will charge you each month. With solar panels, you are protecting yourself from dealing with rising electricity costs that will inevitably happen within the next few years.
Exact Solar Is Here to Help You Fight Rising Energy Costs
At Exact Solar, our experts are here to help you understand the ins and outs of solar and how it can help drive your bills down. We’ve been in business for 18 years, so we have an unparalleled knowledge of the industry and how to best serve our customers. As we look ahead, it’s evident that the cost of non-renewable energy will continue to increase. So now is the perfect time to meet with our highly-rated and experienced team to take charge of your electricity bill. Give us a call today at (215) 621-8353 or connect with us on our website here.