As a New Jersey resident, you know many great things about living in this state — from the gorgeous, diverse landscapes to the booming economy. But a lesser-known benefit of life in the Garden State is the ability for electricity customers to choose their power supplier. Still, few know what New Jersey’s energy deregulation truly means for them and how to take advantage of it. Read on as we explore this important topic.
What is Energy Deregulation?
Before energy deregulation laws were established, a sole company monopolized the power supplied to your home, from electricity generation to the power lines and transmission infrastructure that brought it to your house. However, deregulation now permits multiple suppliers to participate in the state’s energy market, with the electricity supplied to customers’ homes through the same distribution lines maintained and regulated by their old utility. The objective is to provide greater competition and consumer choice, not just for energy prices but also for how that energy is produced and other relevant factors.
Understanding Energy Options & Deregulation in New Jersey
New Jersey began deregulating energy in the late 1990s with new laws and rules for electric companies and gas suppliers. Today, about one in five of Garden State’s customers take advantage of the program, which allows customers the freedom to choose from various retail energy providers. According to the state Board of Public Utilities, those with the highest power usage could benefit most from shopping around. An excellent example is commercial or industrial customers with high peak usage.
How to Take Advantage of Energy Deregulation
It’s relatively simple to determine if and how you can leverage the energy deregulation laws in New Jersey to your advantage, which could result in significant perks for customers.
- Determine Your Energy Usage
Take a look at recent bills to get some hard numbers on your current electric situation. You should pay close attention to your overall usage, the rate you’re paying, and any regular usage patterns. This will help you get a concrete idea of how alternative plans could potentially affect your situation.
- Check Out Suppliers
New Jersey makes it easy for those researching energy options by maintaining a list of approved NJ electricity providers that partner with the state’s utilities. Customers should reach out to several suppliers to compare quotes. However, it’s essential to consider more than just the rates, which can be fixed, variable, or a combination. It’s also crucial to review any contracts you may need to sign and additional services or perks offered. Take the time to distinguish between each energy plan and determine which is best for you.
- Make the Switch
Once you’ve decided, it’s time to contact your chosen energy supplier! After carefully reviewing and signing any contracts, you can sit back and relax while your new energy provider takes care of the rest. They’ll handle all the back-end work, including liaising with your previous supplier or utility company.
- Follow Up and Monitor
While it’s always valuable to closely review your utility bills, it’s even more crucial in the first few months after switching suppliers. Make sure to verify that you are receiving the rates, terms, and conditions you agreed to, and reach out to the company if any modifications need to be made.
Choosing Renewable Energy with Indra
Rates and contract terms are a common reason for choosing a retail energy supplier. But another primary motivator is the ability for eco-conscious customers to switch to a renewable energy provider, like Indra Energy.
At Indra, we provide sustainable sources that allow you to reduce your environmental impact without changing your daily habits and routines. By incorporating simple, everyday measures to reduce consumption and save energy, customers can significantly reduce their carbon footprint and contribute to the global effort to combat climate change.
No matter what motivates you, it’s worth seeing what Indra Energy can offer you! Contact us today to learn more about the benefits of deregulation, New Jersey energy choice, and how to shop for alternative energy.
