Murphy Announces $430M in Relief for Rising Electricity Rates

June 5, 2025 | njspotlightnews.org

Gov. Phil Murphy on Thursday (6/5) unveiled a $430 million relief plan aimed at cushioning the blow for New Jersey households facing a 20% increase in electricity rates this summer. 

Starting in July and running through December, the new program will provide a minimum of $100 in direct savings for every household, roughly enough to offset the expected $25 monthly increase. Lower and moderate-income households will see larger rebates of at least $250, officials said.

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NJ SEED: The cause of the latest price escalation appears to be increased charges from the regional power grid – PJM. The unrevealed costs associated with abandoning fossil fuels under the state’s Energy Master Plan will be added to the recent and future PJM cost increases.