Taking Control of NJ Energy Costs

Energy costs have risen significantly in recent years, leaving many commercial businesses and nonprofits in New Jersey feeling frustrated. It may seem like the utility companies dictate how much you pay for energy, but the truth is, you have more control than you think. 

Take a closer look at the factors that have caused these cost increases and the key strategies that companies in NJ are pursuing to mitigate them.

The Skyrocketing Cost of Electricity in NJ…How Did We Get Here?

We’re in the middle of a perfect storm for high energy costs. A hot summer in 2024, combined with energy rate hikes from four major NJ utility suppliers, have together led to much higher NJ electricity costs — and substantial “sticker shock” for businesses planning their energy budgets. Here’s a quick breakdown of these and other recent trends that have impacted electric bills in NJ:

• Regional supply constraints have led to a supply/demand issue that’s raising costs.
• Public Service Electric & Gas (PSE&G), Jersey Central Power & Light (JCPL), Atlantic City Electric, and Rockland Electric have all hiked prices in 2024.
• Regulated consolidation in providers has reduced competition and stifled incentives for low-pricing mechanisms, ultimately increasing the cost of electricity in New Jersey.
• Higher operational costs for providers have also filtered down to consumer rates.

The unfavorable developments in the energy market are representative of a challenging ongoing trend for the Garden State. In fact, the state's average price per kilowatt-hour in recent years has generally trended three or four cents above the national average, though the rate hikes in 2024 are further widening that gap.

Who Decides How Much You Pay for Energy? You Do.

With the steady climb in electricity prices, it’s easy to feel like your hands are tied. High electricity bills are eating into facility budgets and eating into the profits of companies across New Jersey. However, the truth is you’re not stuck paying whatever the utility companies demand. There are a few strategic ways to lower your energy expenses and soften the blow of future rate increases.

Whether you’re overseeing the budget for a business or managing a property for a 501(c)(3) organization, here are four actionable (and sustainable!) steps you can take to regain control over the rising energy and electricity cost in New Jersey:

• Invest in Solar Power: One of the most effective ways to gain control over your energy costs is by generating your own electricity. Leveraging solar energy in NJ can help you drastically reduce or even eliminate your reliance on utility companies, protecting you from future price hikes.

• Energy Efficiency Upgrades: From energy-efficient lighting to smart thermostats, making small changes can lead to significant savings. Reducing your overall energy consumption can lessen the financial impact of rising costs.

• Monitor Your Energy Usage: Understanding when and how your energy is being used allows you to make smarter decisions about your consumption. Simple adjustments, like scheduling energy-heavy activities during off-peak times, can result in lower bills.

• Explore Financing Options: Geoscape Solar offers flexible financing options that make it easier to get started without the need for large upfront investments. The long-term savings often outweigh the initial costs.

Empower Yourself

Rising energy prices don’t have to drain your budget. Make informed decisions about how your company consumes and generates energy to take control of your energy costs and reduce your vulnerability to potential future rate hikes. Whether you choose to invest in solar, implement energy-saving upgrades, or simply become more mindful of your consumption, every step counts.

Taking control of your energy costs isn’t just possible—it’s empowering. Contact Geoscape Solar for best-in-class service with a customized solar installation from a provider named Best of Biz for NJ Green Energy Consultants by South Jersey Biz.