PSE&G Lowering Gas Bills by 2.6% Annually, Effective March 1
Lower commodity prices enabling a second decrease this winter heating season
(NEWARK, N.J. – Feb. 22, 2023) PSE&G announced today that it is lowering gas bills for its residential customers effective March 1, 2023.
"This second gas rate decrease is more good news for customers, following the decrease PSE&G implemented effective Feb. 1, 2023,” said Dave Johnson, vice president Customer Care & Chief Customer Officer. “We’re pleased to be able to lower our gas rate again, and we will continue to help our customers manage energy use and costs."
The gas supply rate will be reduced by 3 cents per therm to approximately 47 cents per therm, reflecting a decrease in natural gas market pricing, resulting in a 2.6% annual bill reduction for PSE&G’s residential customers. The Basic Gas Supply Service (BGSS) rate reflects the actual cost utilities pay for natural gas, and utilities do not make any money on the supply charge. PSE&G's gas bills will remain the lowest in the state.
When the rate decrease takes effect March 1, a PSE&G residential customer who uses 100 therms per month will have a monthly winter gas bill of about $113, or $3 less than it is now. When added to the gas supply rate reduction that took place Feb. 1, PSE&G has reduced monthly winter gas bills by approximately $18 or 14% over the last two months.
PSE&G has worked to keep gas rates low despite market fluctuations. The typical PSE&G residential gas customer's bill will be approximately 32% lower than in 2008 and approximately 46% lower when allowing for inflation.
Customers who are struggling to pay bills are encouraged to take advantage of all available assistance including LIHEAP and the New Jersey Universal Service Fund. PSE&G has played a big role in helping 220,000 customers in need receive over $450 million in payment assistance funds in 2022 through state and federal programs. Information on payment assistance programs is available here.
We also encourage customers to take advantage of our programs, tips and tools to help reduce energy use and manage monthly bills. Over the past four years, through our energy efficiency programs, approximately 50,000 customers have participated in our no cost or low cost home energy assessments with almost half of them from a household with a low to moderate-income level. Many customers have received rebates on a variety of energy-saving products; we have distributed more than 12 million LED lightbulbs and about 350,000 smart thermostats to our customers.
PSE&G customers also can enroll in our Equal Payment Plan (EPP) to manage energy costs and avoid seasonal fluctuations. The EPP divides the total cost of your energy use into equal monthly payments, making energy bills more predictable.
Public Service Electric & Gas Co. is New Jersey’s oldest and largest gas and electric delivery public utility, as well as one of the nation’s largest utilities. PSE&G is the 2022 Edison Award recipient from the Edison Electric Institute. PSE&G has won the ReliabilityOne® Award for superior electric system reliability in the Mid-Atlantic region for 21 consecutive years. PSE&G received the 2022 ENERGY STAR® “Partner of the Year” award in the Energy Efficiency Program Delivery category, and J.D. Power named PSE&G number one in customer satisfaction for both Residential Electric and Natural Gas Service in the East among Large Utilities. PSE&G is a subsidiary of Public Service Enterprise Group Inc., (PSEG) (NYSE:PEG), a predominantly regulated infrastructure company focused on a clean energy future and has been named to the Dow Jones Sustainability Index for North America for 15 consecutive years (www.pseg.com).