New Jersey industrial electricity rates

Analyst note

The New Jersey industrial price sat above the U.S. average in 10 of 10 years; the gap was +3.73 ¢ in 2015 and +3.80 ¢ in 2024. In the 2024 ranking New Jersey sits between Maine (12.46 ¢) one place above and Vermont (11.58 ¢) one place below; the top of the list is 22.20 ¢ away and the bottom 6.50 ¢. New Jersey was 8th in 2015 with 10.64 ¢ and is 9th now; a fall in the table. New Jersey industrial prices rose in 4 of 9 years. The largest rise was +13.3% in 2022, and the largest fall -4.5% in 2016. The New Jersey price peaked at 12.12 ¢ in 2022 and bottomed at 10.01 ¢ in 2020; 2024 is 1.6% below the peak and +19.2% from the low. Compounded, that is +1.28% a year in New Jersey, -0.54 points against the U.S. New Jersey buys 0.61% of all U.S. industrial electricity with 1.01% of the accounts, so the average New Jersey account uses 0.61 times the national average.

New Jersey industrial customers paid 11.93 ¢ in 2024, which puts the state 9th of 51, a top-ten position, 3.80 ¢ over the U.S. Nine years moved the New Jersey industrial price +12.1% (+1.3% a year), behind the U.S. by 5.5 points. The sharpest year was 2022 at +13.3%; the peak came in 2022.

The latest New Jersey year moved +2.1%, so prices are still climbing. The New Jersey residential price of 19.34 ¢ sits 7.41 ¢ above. A New Jersey industrial account uses 47,042 kWh a month; priced at 11.93 ¢ that is about $5,612, and the sector buys 8.6% of New Jersey's power.

Counting revenue instead of kWh, New Jersey industrial accounts bring in 6.4% of New Jersey sector revenue on 8.7% of the kWh, a discount of 2.3 points that comes from the price level: 11.93 ¢ here against 19.34 ¢ for residential and 14.64 ¢ for commercial accounts. The average New Jersey industrial account uses 47,042 kWh a month, 41 of 51 among states on that measure; a residential account uses 0.01 times as much and a commercial account 0.12 times. Industrial accounts are 0.26% of the 4,287,110 accounts in New Jersey.