Electricity rates in New Jersey
The average home in New Jersey pays about 23.1¢ per kWh — 26% above the US average of 18.4¢. Here's the real trend, how it ranks, and what that rate means for your bills.
*A home using the US-average ~10.5k kWh/year at New Jersey's rate. Your bill depends on your own usage — find your true rate here.
New Jersey electricity price trend
Average residential rate, monthly, May 2023 – Apr 2026. Up 37% over the period.
Source: U.S. Energy Information Administration (EIA), Electric Power Monthly · range 17.13–23.83¢/kWh
How New Jersey compares
At 23.1¢/kWh, New Jersey has the 11th-highest residential electricity price of the 50 states and DC — 26% above the 18.4¢ US average. That puts it firmly in the expensive tier, where every kilowatt-hour you can avoid buying — or generate yourself — is worth more. For context, the cheapest power in this data is Idaho at 12.3¢, and the most expensive is Hawaii at 41.1¢.
Over the period in the chart above, New Jersey's average rate has risen about 37% — in line with a long national trend of electricity prices climbing faster than they used to, driven by grid upgrades, fuel costs and surging demand.
What your rate means for the big decisions
Your electricity price is the single number that drives whether solar, an EV, or electric heating saves you money. At New Jersey's 23.1¢/kWh:
- Rooftop solar pays back in about 9.5 years for a typical home here — high rates are exactly what make solar pay off quickly. See the full breakdown on the New Jersey solar payback page, including local utilities, net metering and incentives.
- Charging an EV at home costs about 8.1¢ per mile here, versus roughly 12.2¢/mile for a typical petrol car — see the New Jersey EV charging breakdown.
- Cooling and heating swing with this rate too — check what running your AC costs in New Jersey, or whether a heat pump beats gas at 23.1¢/kWh.
How to pay less
Whatever your state's rate, the cheapest kilowatt-hour is the one you don't buy. Our guide to cutting your electricity bill ranks every fix by the dollars it actually saves — and the three that don't move the needle.
Source: U.S. Energy Information Administration (EIA), Electric Power Monthly — state average residential price. National average and rankings computed across all 50 states + DC. See our methodology. Figures are averages for guidance, not a quote for your home.