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Which is the best PSEGLINY rate plan?

Rate plans are confusing, there is no one size fits all best plan. Utility rates are complex and for that reason most people can't be bothered filing through hundreds of pages to figure out what the on earth is going on. Fortunately, we have done this for you, and this article will try to uncover plans and help you make an informed decision on how to get the best rate plan for you.

A summary of PSEGLINY residential rate plans?

PSEGLINY offers both tiered and Time-of-Use rate plans. If you don't know what these are, they are explained in the paragraphs below along with the "D" rate and service charges. If you already know what all these are then jump to the plans.

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) above 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.

The "D" rate is a Reduced rate for customers participating in at least one of the following programs in the last 12 months: HEAP, Medicaid, SNAP, Family Assistance(FA) or Safety Net Assistance(SNA), SSI, Veteran's Pension or Veteran's Surviving Spouse Pension. If you would like further information, please all 1-800-490-0025 or visit their website at www.psegliny.com.

Time-of-Use billing is when electricity is charged a different rate depending on what time of day and/or season of the year it is. Time-of-Use plans will have a On-Peak period where energy is charged at a higher rate and a Off-Peak period charged at a reduced rate.

How is the service charge calculated?

You will notice that all the rate plan below have a service charge. This service charge is charge per day. The tiered plans have a service charge: standard rate of $0.36, meaning over a 30 day period it will cost $10.80. Comparatively, the Time-of-Use plans have a service charge of $1.65, over the same 30 day period it will cost $49.50. This inflated service charge is because Time-of-Use billing requires bidirectional smart meters, although PSEGLINY say there is no charge for a smart meter, so there should be no effect on your bill. However, there is no other explanation provided as to why the service charge is so much higher for Time-of-Use billing, so we have some doubts about the truthfulness of PSEGLINY's statement. This additiona cost is something to keep in mind when choosing your rate plan.

The Tiered rate plans

180 rate plan

Plan Name: Residential (180)
Last Update: January 1, 2018
Fixed Charge: Service Charge: $12.85
Summer (June 1 to September 30)
Rate per kWh
Tier1: $0.208
Tier2: $0.23
Energy in Tier
Tier1: First 250 kWh
Tier2: Above 250 kWh
Winter (October 1 to May 31)
Rate per kWh
Tier1: $0.208
Energy in Tier
Tier1: All kWhs

The 180 rate plan is a tiered rate plan. PSEGLINY describe this plan as a general use plan that applies to customers who use electricity for general use (i.e., lights and appliances) and water heating, but not for space heating.

According to PSEGLINY the 580 tiered rate applies to to customers who heat the entire building solely with an electric heat system, with the exception of fireplaces and coal/wood burning stoves.

The 880 plan apply to customers using electricity for both water and space heating, which could include the use of a solar hot water system combined with an electric water heater, and service must have been established prior to January 26, 1983.

For more information, check out the residential electric rates.

What are PSEGLINY's peak and off peak periods?

The off-peak period is from 8pm-10am and saturday and sunday. The peak period is 10am-8pm weekdays.

PSEGLINY Time-of-Use Rate plan

Plan Name: Small Residential - Multiple Rate Periods (1-VMRP (S))
Last Update: January 1, 2018
Fixed Charge: Service Charge: $16.42
Summer (June 1 to September 30)
Rate per kWh
Off-Peak: $0.16
Peak: $0.444
Weekday Times
Off-Peak: Midnight to 10am, 8pm to midnight
Peak: 10am to 8pm
Weekend Times
Off-Peak: All hours
Peak:
Winter (October 1 to May 31)
Rate per kWh
Off-Peak: $0.141
Peak: $0.2
Weekday Times
Off-Peak: Midnight to 10am, 8pm to midnight
Peak: 10am to 8pm
Weekend Times
Off-Peak: All hours
Peak:

For more information and PSEGLINY other plans, check out the residential electric rates.

What is the best PSEGLINY rate plan?

This section shows how to work out the cheapest plan based on the assumptions made. This means these results will not necesarily be correct for your specific situation, and are otherwise provided to demonstrate the price difference in rate plans.

To work out the best tiered rate plan a few assumptions have to be made. I have assumed a monthly usage of 775 kWh (average usage according to PSEGLINY) over a 30 day month. I have also assumed plans are available to everyone and have not included the "D" rate.

The summer and winter bills will be calculated and then averaged for each plan. For these assumptions the 880 plan works out the cheapest at $60.99 followed by the 380 ($64.13), 580 ($64.76) and in last came the 180 rate plan at $70.58.

As for the Time-of-Use plans. Let's assume the same monthly usage of 775 kWh over a 30 day period. The biggest assumption is how the energy is used throughout the day, I have assumed of the 775 kWh, 300 were used during the peak period.

For these assumptions the Time-of-Use plan were way more expensive. The 188 plan had an average of $86.63, the 182 was $88.96, 184 was $95.86 and the 181 was the most expensive at $96.52.

Amongst the Tiered rate plans, 880 worked out cheaper for the assumptions made.

The bottom line is, there is no best plan. The best plan is the one that fits your specific usage pattern the best. To really find out what is the cheapest plan for you requires you to acquire your interval data.

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

The amount you can save is relative to the amount of energy you use and what plan your on. If your a high energy user, you could save more money than a low energy user. Usually swapping rate plans can save $0-$15 dollars per month.

Swapping rate plans is easy, but finding the right plan for you can be quite a challenge. Even if you only save a small amount, investing some time into finding the best plan for you could be worth it in the long run.

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

This data is available from PSEGLINY. 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 PSEGLINY).

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

 

Interval or Green Button data is your electrical usage data for the last 12 months in one hour (or even shorter) intervals. This data is available from your utility provider.

 

HINT: Often the easiest way to get this data is to ask a solar company to get it for you as they need to retrieve this data in order to properly estimate the costs and savings that might be available to you by installing solar panels in the PSEGLINY service area.

Find out how to reduce your PSEGLINY electricity bill.