Cheapest 2024 JCPL Electricity Rates
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About JCPL Electricity
New Jersey’s second larges electricity utility company, Jersey Central Power & Light, has seen an increase in the number of competitive energy companies entering the state in an attempt to market power supply service to the area’s 1,029,000 residential customers. With over a dozen competitive electricity companies offering low electricity prices to residential and business consumers, finding the cheapest JCPL electricity rate can be a time consuming project.
Fortunately, energy comparison sites like ElectricRate.com provide a quick and easy way for consumers to find the cheapest electricity rate in JCPL at any time and compare the prices to the JCPL default price. Competitive plans that are lower than the default rate will yield lower electric bills, as well as offer price security against potential default rate hikes in the future.
JCPL Shopping Activity
Over the last ten years the amount of JCPL customers participating in the New Jersey energy choice market by shopping for lower electric rates has actually decreased. In July 2013, 19% of JCPL’s residential customers and 37.5% of the commercial and industrial customers were purchasing power from a competitive energy company. Fast forward ten years, and as of July 2023 those numbers are down to 8.4% of residential customers and 27.6% of commercial customers who are on a competitive New Jersey electricity rate plan.
These customers still receive power delivery service from JCPL as well as their monthly electric bill. New Jersey electricity choice allows all electricity customers to choose and shop for competitive power rates that can save them a significant amount of money on their JCPL electricity bills. Households and businesses who do not shop for the cheapest electricity rates pay a default rate for supply service with JCPL which is called the Basic Generation Service charges, abbreviated as BGS charges on the JCPL electric bill. Choosing to buy electricity from a competitive company results in the competitive electric rate replacing the BGS charges on the customer’s JCPL electricity bills.
Benefits of JCPL Electricity Choice
What to Compare when shopping for electricity in JCPL by ElectricRate
Electricity choice shopping in JCPL has decreased considerably over the last few years as the competitive rates have not been able to keep up with the default rate. This is expected to change soon as a combination of increased default rates with low wholesale energy prices should present savings opportunities for customers of JCPL and throughout New Jersey.
There are many benefits to participating in JCPL electricity choice beyond instant price savings. Some other reasons to shop are:
- Eliminate electric bill amount volatility by locking in a fixed rate
- Support the environment by purchasing renewable electricity
- Get in front of rising JCPL default rates by securing a rate when pricing is relatively low
- Better customer service from a competitive supplier
Residential JCPL rates are posted below. All prices are updated daily.
Frequently Asked JCPL Choice Questions
Yes. JCPL is part of the New Jersey energy choice market, which permits all JCPL customers the ability to shop for competitive electricity rates.
Nothing changes except the rate you pay for electricity. In fact, JCPL continues to send you your electric bill as they continue to be your regulated utility company who is responsible for the maintenance of the power lines in your area.
No. This is one of the most misunderstood components of New Jersey energy choice. JCPL does not profit off of the default supply rates that they charge. Their profits are derived from the regulated distribution charges found on your electric bill which makes up about 20-30% of your electric bill.
To save money on your JCPL electric bill and to obtain price stability to your electricity costs so that you are not blind-sided by a huge rate hike in the default rate; something that has happened in many other energy choice markets where utility default rates have been very volatile.
Twice a year. They have summer rates that are in effect from June 1 through the end of September, and winter rates that go from October 1 through May of the following year.
