Residents living in Hoboken, New Jersey have the choice to change electric suppliers and save money on the electric bill. Hoboken electricity rates have benefited since the New Jersey Board of Public Utilities took steps to deregulate the electricity market back in the early 1990s. No longer do the utility companies have a monopoly over the market. Thanks to energy choice, the market has opened up to outside energy suppliers giving Hoboken residents an option to choose a new electric supplier for their supply services.
The city of Hoboken has a population of just over 53,000 and is located right next to New York City across from the Hudson River. The city is no stranger to cold winters and has an annual snowfall of just over 25 inches.
Hoboken Utility Companies
If you’re planning on moving to Hoboken, then you will need to set up the electricity account through PSEG. PSEG is a utility company that operates in the Hoboken service area. The main job of the utility company is to maintain and manage the infrastructure of the power lines that deliver electricity to customers. The cost to maintain the power lines represents the delivery charge on the electric bill and is regulated by the New Jersey Board of Public Utilities. A customer living in the PSEG service area will not be able to change utility companies for this charge.
Hoboken Power Outage
If you’re living in Hoboken and the power goes out, then you will need to contact the utility company. PSEG is responsible for resolving all power outages that occur in their service area. Thanks to advancements in technology, potential power outages can sometimes be detected and diverted before they can occur.
- PSEG Customer Service and Power Outage Number: 1-800-436-7734
New Jersey Energy Deregulation
The New Jersey Board of Public Utilities restructured the energy market in the late 1990s giving outside energy suppliers the opportunity to provide supply services to residents of New Jersey. The utility companies remain the supplier of last resort for those that decide not to switch over to a competing energy supplier. Thanks to energy deregulation, the increase in the number of energy suppliers entering the market helped push down energy costs in the state.
Hoboken Price to Compare
Hoboken residents that decide not to select a competitive energy supplier will still be provided services through PSEG. PSEG is required to provide customers that do not switch a default rate. The default rate is referred to as the price to compare. This rate is a variable rate and often not competitive. Residents can use the price to compare to determine their savings while shopping for a new energy plan. If a competing energy supplier is providing a supply rate that is lower than the price to compare, then the customer will be saving money by switching to the new plan.
Renewable Energy Plans
One of the major benefits of energy choice is the ability to choose from a variety of energy plans. With the introduction of Renewable Portfolio Standards (RPS), a set percentage of energy sold in the state must be generated from renewable energy sources. This has created a market for renewable energy sources. Solar and wind farms are becoming a common sight across the state. Due to these regulations, more energy suppliers are now offering customers energy plans that are derived from 100% renewable energy sources.
Select an Energy Supplier
If you’re new to energy choice, then having to select a new energy supplier might seem like a hassle. However, selecting a new energy supplier and lowering the supply rate can easily save you 10 to 25 percent on the electric bill. Why pay more than you have to? Energy suppliers can offer plans up to 48 months so you don’t have to worry about the rate fluctuating or having to consistently choose a new provider.
Energy suppliers that provide supply services in New Jersey must be licensed by the New Jersey Board of Public Utilities. A list of qualified energy suppliers can be found on their website. However, there are other options when it comes to comparing energy plans. ElectricRateSelect.com provides a platform for customers to easily compare energy plans and choose the right supplier. We offer great customer service support and can walk you through the process. If you have any questions feel free to reach out to one of our qualified energy advisors today!
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