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A tiered rate plan is where the price paid per kWh changes depending on how many kWh have been used that month. The amount (in kWhs) at which the rate changes is sometime referred to as the baseline amount. Usually, you will be charged a lower amount per kWH until you use above the baseline amount then you’ll be charged more per kWh.

Time-of-use billing is when electricity is charged a different rate depending on what time of day and year it is. Time-of-use plans will have a peak period where energy is charged at a higher rate and a off peak charged at a reduced rate.

What residential rate plans do PSEG offer?

PSEG offer both tiered and Time-of-use (TOU) rates.

What are PSEG’s peak and off peak periods?

Peak periods are defined as 7am-9pm (EST) Monday to Friday. Off-peak times are defined as all other times.

This is a long on-peak period and is something worth considering when deciding if you want to change rates.

What are the rates?

Plan Name: Residential (RS)
Last Update: June 1, 2018
Fixed Charge: MinimumEnergy Charge: $0.73
Service Charge: $2.42
Summer (June 1 to September 30)
Rate per kWh
Tier1: $0.163
Tier2: $0.177
Energy in Tier
Tier1: First 600 kWh
Tier2: Above 600 kWh
Winter (October 1 to May 31)
Rate per kWh
Tier1: $0.161
Energy in Tier
Tier1: All kWhs
Plan Name: Residential - Load Management (RLM)
Last Update: June 1, 2018
Fixed Charge: Service Charge: $13.94
Summer (June 1 to September 30)
Rate per kWh
Off-Peak: $0.07
Peak: $0.295
Weekday Times
Off-Peak: Midnight to 7am, 9pm to midnight
Peak: 7am to 9pm
Weekend Times
Off-Peak: All hours
Peak:
Winter (October 1 to May 31)
Rate per kWh
Off-Peak: $0.075
Peak: $0.234
Weekday Times
Off-Peak: Midnight to 7am, 9pm to midnight
Peak: 7am to 9pm
Weekend Times
Off-Peak: All hours
Peak:

The plans available to new customers or customers looking to switch plans are the RS and the RLM. In the next section we will talk about each plan and which one is the best.

For more info, check out the residential price plans.

How do I work out if I am on the cheapest PSEG rate plan for my usage pattern?

Finding out which plan is the cheapest, requires your interval data for the lasts 12 months. The cheapest plan will depend on how your individual household uses electricity.

PSEG only offer 3 rate plans, so even whithout your interval data it should be quite easy to figure out what plan to be on.

If you have the potential to limit the majority of your power useage to off-peak hours then the RLM plan could be cheaper.

If you use most of your power during the peak hours of 7am-9pm (weekdays), then the RS plan will probably be cheaper for your needs.

These are just suggestions, if you really want to work out what is the cheapest plan for you you’ll need to get your interval data and do a comparison.

How do I get my interval data for the last 12 months?

This data is available from PSEG. They are required by law to send it to you. Although this is not the easiest way to obtain the data.

There is also a website called UtilityAPI.com that allows you to get this data for $15 (they have an electronic interface to PSEG).

However, if you own your home and it is a single family dwelling then a really good way to get this data for free is to request solar quotes from local solar companies.

Generally solar offers much bigger savings than swapping plans (as the plans are designed to give the same overall cost to average consumers) and a solar designer will usually need to get this same data to work out what size solar system would cover your bill and to forecast savings accurately for you.

Solar companies will usually retrieve and analyze your interval electricity usage data for free in the hope of winning your solar business.

 

Interval Data
Green Button data

How much can I save per month by swapping to my cheapest plan?

For most people the amount you can save by swapping plans is minimal because the electricity plans are approved by the Public Utilities Commission (PUC) and plans are designed to work out roughly the same in terms of total costs for consumers with average consumption patterns.

In most cases savings will be between $0-$10 per month but could be much larger for high energy users or homes and businesses with non-typical usage patterns.

If you really want to save money. Go solar. You can save tens thousands of dollars from going solar.

Solar has a 5 year payback period in New Jersey. This means if you purchase a system it will take around 5 years to pay for itself. Then the system will provide you with 20 years of free power. Solar installed in New Jersey has the potential to save more than $60,000 over the lifetime of the system. Solar has many other benefits and is the best investments you can make to lower power bills.

Going solar has never been easier, and the available incentives make it the perfect time. Solar is a no-brainer, talk to local solar installers about your options or use this free calculator to see how much solar can save you.

Find out how to reduce your PSEG electricity bill.