NJNG: $76 Million Credit Expected to Save Residents About 28 Percent on Heating Bills this Winter

electric meter tlsNew Jersey Natural Gas today notified the New Jersey Board of Public Utilities (BPU) it will implement a bill credit, totaling $76 million, to residential and small commercial customers. Larger than previously announced, the credit will be in effect for natural gas usage between November 1, 2015 and February 29, 2016, and is expected to save the average customer approximately 28 percent on their heating bills during this time. This translates to an overall 17 percent reduction to the average customer’s bill on an annual basis.

“As we head into the winter heating season and the weather turns colder, we are pleased to pass along these savings to our customers,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas. “Driven by lower wholesale natural gas costs, these savings represent good news for customers, and will be a welcome benefit during the months when natural gas usage and corresponding bills are typically at their highest.”

The average residential heating customer, using 629 therms over the four-month period, will see a total credit of approximately $166. The bill credit will be $0.264 per therm during the time it is in effect. The amount of savings will vary based on each customer’s individual usage.

In June 2015, NJNG announced that it would be issuing a bill credit of $63.7 million. The utility is able to increase the amount of the bill credit to customers due to a decline in wholesale natural gas prices. NJNG will continue to monitor market conditions and look for ways to manage costs and provide savings to customers.

[TLS]

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4 COMMENTS

  1. I was almost gonna exclaim how excited I was that I live in NJ when I realized my property taxes would increase by an even greater amount!

  2. To Merry Times that is an excellent question JCP&L genrates electric from gas fired plants. There should be similar savings in electric.

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