New Jersey Electricity

What New Jersey's Electricity Data Tells Us

Residential customers in New Jersey pay 19.34¢/kWh in 2024, spread across 3.7M metered households, placing the state 17.4% above the national residential average of 16.48¢/kWh. Commercial rates sit at 14.64¢/kWh while industrial buyers pay 11.93¢/kWh, reflecting the cost differentials that come from voltage level, load factor, and contract length across EIA Form-861 survey respondents. Annual residential sales total 29.7M MWh on roughly $5743.7M in utility revenue, a useful yardstick for sizing local demand against the grid mix that serves it.

The generation mix is led by natural gas at 46.6% of in-state production, with nuclear providing 43.5% and solar supplying 7.8%. Renewable fuels, solar, wind, hydro, geothermal, and biomass, collectively account for 8.6% of New Jersey's electricity output, a figure that matters because each renewable megawatt-hour displaces fuel costs that otherwise flow through to retail bills. Legacy fuels still dominate here, which tends to tie retail rates to commodity cycles.

Looking back across EIA records, residential prices in New Jersey moved from 15.72¢/kWh in 2016 to 19.34¢/kWh in 2024, a 23.0% shift over that window. Comparable-priced neighbors include Michigan, Maryland, Pennsylvania, which gives a peer set for sanity-checking local quotes. For anyone negotiating a supplier contract, weighing an energy-efficiency upgrade, or modeling a household budget, the combination of current rate, multi-year trend, and generation mix offers a sturdier footing than any single data point on its own.