PSEG (NJ) Electricity Rate: $0.23/kWh
PSEG (NJ) currently charges $0.23 per kilowatt-hour for residential electricity in New Jersey. That's 34% above the national average of $0.17/kWh, costing the typical household about $2,430 per year.
Current Rate
$0.23/kWh
Annual Cost
$2,430
vs National
+34%
Solar Savings
$79k
What This Means for Your Electric Bill
At $0.23/kWh, a typical New Jersey household using 900 kWh per month pays approximately $203/month or $2,430/year for electricity alone.
High Rate Alert
PSEG (NJ)'s rate of $0.23/kWh is significantly above the national average. Homeowners in this service area see some of the strongest returns from solar installation.
With solar, an 8kW system producing approximately 9,600 kWh annually could offset $2,160/year in electricity costs. Over 25 years with 3% annual rate increases, total savings reach an estimated $78,752.
Solar Savings Calculator for PSEG (NJ)
See how much solar could save you at PSEG (NJ)'s current rate of $0.23/kWh.
$2,160
10.9 yr
$74,492
90%
Based on PSEG (NJ) rate of $0.23/kWh, 1,200 kWh/kW annual production, $2.95/W system cost ($23,600 total), no federal tax credit (Section 25D expired Dec 2025), 3% annual rate escalation, 0.4% panel degradation. Cash purchase assumed.
Heat Pump Operating Cost on PSEG (NJ)
At $0.23/kWh, here is what a cold-climate heat pump costs to run annually in NJ compared to natural gas.
$1,395/yr
~6,200 kWh/year
$1,800/yr
NJ average household
$405/yr
23% less than natural gas
Heat pump estimate assumes COP 3.0 cold-climate unit, typical NJ heating/cooling load.Natural Gas cost based on EIA state-average residential prices. Actual costs vary by home size, insulation, and climate zone.
Tired of Paying $0.23/kWh?
PSEG (NJ) customers can lock in solar savings today. Get a personalized estimate based on your actual roof and usage.
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