This bill mandates the New Jersey Board of Public Utilities (BPU) to require electric and gas public utilities to offer equal payment plans for residential customers, prohibiting the charging of lump-sum payments under these plans. It specifies that utilities cannot recover any outstanding balances based on discrepancies between actual and forecasted yearly usage, and any increases to a customer's monthly bill under an equal payment plan must occur annually and be based solely on the customer's actual utility usage data. Additionally, the bill prohibits utilities from underbilling residential customers and from incorporating any outstanding balances from estimated meter bills into future utility bills.

The intent of the bill is to alleviate financial burdens on New Jersey residents by ensuring fair pricing practices in the utility sector, especially in light of rising costs and recent rate increases approved by the BPU. By implementing these regulations, the bill aims to protect consumers from unexpected charges and promote transparency in utility billing, thereby addressing economic hardships faced by families and individuals in the state.