TRENTON – Consumers may have saved as much as 25 percent on their utility bills due to the mild winter, power outages, and lower natural gas costs, state Treasurer Andrew Sidamon-Eristoff told the Assembly Budget Committee this afternoon.
While this may be bad news from a budget revenue perspective, the treasurer said this is good news for consumers because it’s more money in their pocket.
“Our back-of-the-envelope estimate is that net savings to New Jersey consumers in the first quarter may have amounted to $1 billion or more,” he said.
During the morning OLS hearing, Assemblyman Jay Webber also highlighted this dynamic.
OLS projected more than a $320 million shortfall in energy tax revenue. It predicts an additional $40 million dip in revenue from projections in fiscal year 2013.
Sidamon-Eristoff pointed out other economic indicators that he said suggest the state is on a road to recovery, such as increases in car sales, increased employment, and an increase in the private sector jobs.