Beatrice Lang
PSEG Long Island offers different rate plans for electricity, including the Time-of-Day (TOD) rate plan, which provides customers with varying electricity prices at different times of the day and seasons. The TOD rate plan costs less than the 180 Flat Rate during 88% of the year, with nights, weekends, and federal holidays always considered off-peak hours. This plan encourages customers to save energy and money by shifting their energy use to lower-priced time periods. While PSEG promotes energy conservation, it is essential to note that they earn money from a flat fee for managing the electric system and delivering services, regardless of the amount of electricity consumed.
| Characteristics | Values |
|---|---|
| Name of the plan | Time-of-Day Rate Plans (TOD) |
| Availability | PSEG Long Island |
| Rate options | Off-Peak Rate and Super Off-Peak Rate |
| Peak hours | 3 pm to 7 pm on weekdays |
| Off-peak hours | Nights, weekends, and federal holidays |
| Peak pricing | Can be as much as two times the standard rates |
| Super Off-Peak Rate | Overnight hours discounted up to 40% off the Flat Rate |
| Flat Rate | Costs the same regardless of the time of day |
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What You'll Learn
PSEG Long Island's Time-of-Day (TOD) rate plans
The TOD rates are based on the season (summer and non-summer) and time of day. Peak hours are from 3 pm to 7 pm on weekdays, and all other hours are off-peak. Nights, weekends, and federal holidays are always off-peak. This means the TOD Rate Plan costs less than the 180 Flat Rate during 88% of the year.
There are two TOD rates: the standard Off-Peak Rate and the Super Off-Peak Rate. The Super Off-Peak Rate includes Peak, Off-Peak, and Super Off-Peak times, with the latter being discounted up to 40% off the Flat Rate. Peak pricing can be as much as two times the standard rates.
Starting in 2024, PSEG will begin moving residential accounts on the 180 Flat Rate to the new standard Time-of-Day Off-Peak Rate. However, before then, customers have options: they can voluntarily enroll in either the TOD standard Off-Peak Rate or the Super Off-Peak Rate, or they can stay on their current rate. If customers choose to try either of the new rates, they will receive Guaranteed Bill Protection for up to the first 12 months, meaning that if their total electric cost on either TOD Rate is higher than it would have been under the Flat Rate, PSEG will automatically provide a bill credit to refund the difference.
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Peak and off-peak hours
PSEG Long Island offers Time-of-Day (TOD) rate options that give customers the opportunity to save money based on their lifestyles. TOD rates allow customers to access lower electricity prices at different times of the day, similar to other types of "off-peak" pricing. From 15 November 2023, two new TOD rates, the Off-Peak Rate and the Super Off-Peak Rate, will be available to customers with smart meters.
The TOD rate plan is generally cheaper than the 180 Flat Rate during 88% of the year. Peak hours are from 3 pm to 7 pm on weekdays, and all other hours are off-peak. Nights, weekends, and federal holidays are always off-peak. Peak pricing can be as much as two times the standard rates, so a few simple changes to switch energy use to lower-priced time periods can make a big difference. For example, charging an electric vehicle overnight will be cheaper under the Super Off-Peak Rate, which offers overnight hours discounted by up to 40% off the Flat Rate.
PSEG Long Island encourages customers to save energy, as it can save them money and help the environment. When customers use less power, it costs the same amount to run the electric system and deliver power to them. PSEG Long Island does not earn any money from the Revenue Decoupling Adjustment (RDA); instead, they make money from a flat fee that they receive for managing the electric system and delivering all of their services. Their contract requires them to help customers use less electricity.
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$25.3
How to save money on electricity
PSEG Long Island offers Time of Day Rate Plans (TOD), which means you pay different rates for electricity depending on the season (summer and non-summer) and time of day. Peak hours are from 3 p.m. to 7 p.m. on weekdays, while nights, weekends, and federal holidays are always off-peak.
To save money on electricity, consider the following tips:
Appliances
- Use a smaller appliance, like a microwave or toaster oven, instead of an oven when cooking or heating something small.
- Use an Energy Star-qualified dishwasher instead of washing dishes by hand.
- Opt out of the heat-dry cycle on your dishwasher and let your dishes air-dry instead.
- Turn off the burner early when cooking on the stove, as the stove will release enough heat to finish cooking.
- Use a ceiling fan to cool down a room. It uses just 10% of the energy of a central air conditioner.
Lighting
- Use motion-detecting lights, like GE's LED Plus or Ring's smart outdoor lights, to turn off lights automatically when no movement is detected.
- Dimming your lights reduces wattage and output, helping to save energy.
- Replace old incandescent lightbulbs with LED bulbs.
Electronics
- Plug electronics into a power strip or smart outlet so you can easily switch them off when not in use.
- Use smart plugs, like the TP-Link Kasa Smart Wi-Fi Plug Mini, to automatically turn electronic devices on and off.
- Enable "auto power down" on gaming consoles to ensure low-power mode when not in use.
Heating and Cooling
- Lower the temperature on your water heater.
- Consider investing in a smart thermostat to control the temperature when you are home or away.
- Use weather-stripping on windows to reduce heat or cooling loss.
- Check for air leaks around windows and doors.
Other
- Spread out laundry loads and avoid tumble drying.
- Limit light usage and turn off electrical devices when not in use, including the TV.
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PSEG's annual budget and revenue
Public Service Enterprise Group Inc. (PSEG), one of the ten largest electric companies in the US, reported annual revenue of $9.7 billion in 2021, a 1.24% growth from 2020. The company's revenue further increased to $9.8 billion in 2022, marking a 0.8% growth year-on-year. PSEG's revenue growth in 2016 was the lowest, with a decline of 13.91%. In comparison, its top competitor, NRG Energy, earned an annual revenue of $27 billion.
PSEG's latest financial reports indicate a current revenue (TTM) of $10.75 billion. The company services approximately 1.8 million gas customers and 2.2 million electric customers. PSEG Power, one of its main subsidiaries, owns and operates merchant nuclear generating assets and provides fuel and energy management services.
PSEG's peak revenue was $12.7 billion in 2007. For the third quarter of 2024, PSEG reported a net income of $520 million, with a non-GAAP operating income of $448 million.
PSEG, founded in 1903, has a long history of dividend payments, having paid dividends annually since 1907. The company is committed to building an industry-leading electric company, providing exceptional customer service, reliability, and strong community involvement.
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The impact of energy usage on the environment
PSEG Long Island offers Time of Day Rate Plans (TOD), which means electricity rates vary depending on the season and time of day. During peak hours, which are weekdays from 3 p.m. to 7 p.m., electricity rates are higher than during off-peak hours, which include nights, weekends, and federal holidays. This pricing strategy encourages users to consume less energy during peak hours, potentially reducing the environmental impact of energy usage.
Energy usage has a significant impact on the environment, and it is important to understand the consequences of different energy sources and technologies. All forms of electricity generation impact our air, water, and land, but to varying degrees. For example, fossil fuels like coal, oil, and natural gas contribute substantially to air and water pollution, public health issues, wildlife and habitat loss, water use, land use, and global warming emissions. The burning of fossil fuels releases carbon dioxide, a greenhouse gas that enhances the radiative forcing effect, leading to an increase in the Earth's average surface temperature. Additionally, the extraction, refinement, and transportation of fossil fuels generate substantial amounts of toxic and non-toxic waste, causing further pollution and health issues.
On the other hand, renewable energy sources like wind, solar, geothermal, biomass, and hydropower have less environmental impact. For instance, wind power generates electricity without toxic pollution or global warming emissions. However, it is important to note that even renewable energy sources can have significant impacts, such as land use, water use, and the use of hazardous materials in manufacturing. The specific technology used, geographic location, and other factors also play a role in determining the environmental consequences.
By transitioning to renewable energy sources and improving energy efficiency, we can reduce the environmental impact of energy usage. Producing and using electricity more efficiently lowers fuel consumption and decreases greenhouse gas emissions. Additionally, renewable resources like solar, geothermal, and wind power do not contribute to climate change or local air pollution since they do not involve fuel combustion.
To summarize, the impact of energy usage on the environment is significant, and it varies depending on the energy source and technology used. By understanding these impacts and making informed choices, we can work towards minimizing our environmental footprint and mitigating climate change.
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Frequently asked questions
Yes, electricity is cheaper at night in PSEG NJ. Nights are considered off-peak hours, during which electricity rates are lower.
The Super Off-Peak Rate offers up to 40% off the Flat Rate during off-peak hours, which include nights, weekends, and federal holidays.
Peak hours are from 3 pm to 7 pm on weekdays.
You can save money on your electricity bill by using less power and taking advantage of off-peak rates by running appliances and charging electric vehicles overnight.
