Recent data indicate that New Jersey is the second state where electricity prices have risen the most over the last three years. The information alarmed New Jersey residents, who complained about how the government has been unable to fix the issues causing the spike in prices.
According to a study published by Goldman Sachs Global Investment Research, New Jersey’s energy prices went up by 43.4% in the last three years, well above the national average of 13.8%. New Jersey is only behind the District of Columbia, where energy prices have gone up by over 55%.
The state is followed by Maryland (40%), New York (29.1%), Ohio (27.4%), Delaware (25.1%), Vermont (23.9%), and Washington (22.6%). However, the report does not explain why prices have gone up so much.
New Jersey Locals React to Energy Prices Going Up
Despite the report, which was shared on r/NewJersey, lacking an actual explanation for why electricity prices have become so unaffordable, locals came up with their own conclusions.
One user wrote: “NJ electricity went from reasonable to unreasonably high within that timeframe. It’s a completely unnecessary price hike due to PSE&G doing whatever the [expletive] they want and the energy board just nodding their head.”
Someone else agreed, citing the lack of green projects for the public companies that provide energy for New Jersey: “PSE&G and JCPL are public companies. You can look at the books if you want to see where the money goes. So do the regulators. Supply costs went up for a variety of reasons, at the same time that NJ reduced the power we generate ourselves. People have been clamoring for resiliency in the networks, green projects, additional metering options, etc.”
To some users, however, the whole thing was due to poor government decisions. As New Jersey has had a Democratic governor since 2018, the blame was mostly pinned on Democrats. One user said sarcastically on the original post: “Keep voting blue.”
Looking at the data, one user wrote: “There seems to be a correlation with Regulation here,” as most unregulated states did seem to have experienced larger increases in costs.
Some even offered solutions to the complex problem: “How about a statewide investment in getting solar panels on everyone’s roofs? Offer free installs and major regular grid discounts for those who sign up and share on a solar community grid.”
With New Jersey households already paying some of the highest electric bills in the country, there appears to be little relief in sight. As frustration grows, residents will be looking to state officials for answers over what can be done to stop energy costs from taking an even bigger bite out of household budgets.
