New Jersey’s public utility company for power and natural gas, PSE&G, has recently proposed a plan to reduce gas costs for residential users by 6.1% starting from October 1, 2024. If this proposal is approved by the New Jersey Board of Public Utilities (NJBPU), this reduction will lower the Basic Gas Supply Service (BGSS) rate by nearly 7 cents per therm, bringing it down to approximately 32.8 cents per therm.
This change will make PSE&G’s gas bills one of the lowest in the state, providing customers with substantial relief amid ongoing concerns about energy costs.
Dave Johnson, Vice President of Customer Service and Chief Customer Officer at PSE&G, emphasized the importance of this proposal, highlighting that lowering gas rates to provide cost relief to customers helps improve their financial burden.
For the typical residential user, this price reduction translates to an average monthly bill decrease of 6.1%. For example, a typical PSE&G customer using 100 therms per month would see their monthly gas bill reduced by around $6.75 compared to current rates, totaling approximately $102.70. Additionally, PSE&G encourages customers to utilize existing payment assistance programs and Equal Payment Plans to manage costs.
This initiative by PSE&G reflects their commitment to supporting customers by easing financial pressures and offering competitive rates in the ever-changing energy landscape. The proposed gas rate reduction not only benefits individual households but also contributes to overall energy affordability for residents across New Jersey.