New Jersey residential electricity rates

Analyst note

The New Jersey residential price sat above the U.S. average in 10 of 10 years; the gap was +3.16 ¢ in 2015 and +2.86 ¢ in 2024. In the 2024 ranking New Jersey sits between Vermont (21.90 ¢) one place above and Michigan (19.30 ¢) one place below; the top of the list is 23.52 ¢ away and the bottom 7.83 ¢. New Jersey was 10th in 2015 with 15.81 ¢ and is 11th now; a fall in the table. New Jersey residential prices rose in 6 of 9 years. The largest rise was +9.3% in 2024, and the largest fall -1.5% in 2018. The New Jersey price peaked at 19.34 ¢ in 2024 and bottomed at 15.41 ¢ in 2018; 2024 is the peak and +25.5% from the low. Compounded, that is +2.26% a year in New Jersey, -0.72 points against the U.S. New Jersey buys 2.00% of all U.S. residential electricity with 2.61% of the accounts, so the average New Jersey account uses 0.77 times the national average.

New Jersey residential customers paid 19.34 ¢ in 2024, which puts the state 11th of 51, a middle position, 2.86 ¢ over the U.S. Nine years moved the New Jersey residential price +22.3% (+2.3% a year), behind the U.S. by 7.9 points. The sharpest year was 2024 at +9.3%; the peak came in 2024.

The latest New Jersey year moved +9.3%, so prices are still climbing. The New Jersey commercial price of 14.64 ¢ sits 4.70 ¢ below. A New Jersey residential account uses 662 kWh a month; priced at 19.34 ¢ that is about $128, and the sector buys 40.4% of New Jersey's power.

Counting revenue instead of kWh, New Jersey residential accounts bring in 48.1% of New Jersey sector revenue on 40.6% of the kWh, a premium of 7.5 points that comes from the price level: 19.34 ¢ here against 14.64 ¢ for commercial and 11.93 ¢ for industrial accounts. The average New Jersey residential account uses 662 kWh a month, 38 of 51 among states on that measure; a commercial account uses 8.64 times as much and a industrial account 71.02 times. Residential accounts are 87.14% of the 4,287,110 accounts in New Jersey.