The leaves are falling and bringing the first hint of cold. You know what that means. Heating bills.
But there’s good news — a previously announced bill credit from New Jersey Natural Gas is even larger than expected.
The Wall-based utility said the average customer will save approximately 28 percent on their heating bills between Nov. 1 and Feb. 29, which translates to an overall 17 percent reduction to the average customer’s annual bill.
The reduction totals $76 million for the season, $12.3 million more than anticipated in June.
The actual amount saved will vary depending on the customer, but the typical customer who uses 629 therms over that four-month period could see a savings of about $166, or $25 more than previously expected.
The cuts “will be a welcome benefit during the months when natural gas usage and corresponding bills are typically at their highest,” said Laurence M. Downes, chairman and CEO of New Jersey Natural Gas.
The utility said it was able to increase the amount of the bill credit because of a decline in wholesale natural gas prices.
In June, New Jersey Natural Gas spokesman Michael Kinney said the utility "had ample supply for heading into the winter heating season and with that we are able to provide the credits."
New Jersey Natural Gas makes its profit off the distribution of natural gas to homes, not on the cost of the gas itself. The utility serves Monmouth, Ocean and Morris counties. APP
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