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 them from charging lump-sum payments when actual usage exceeds forecasted usage. Additionally, the bill prevents utilities from recovering any outstanding balances based on discrepancies between actual and estimated yearly usage, and restricts any increases in monthly bills under these plans to be made annually, based solely on the customer's actual utility usage data.

Furthermore, the bill prohibits electric and gas public utilities from underbilling residential customers, which occurs when customers are charged based on estimated meter readings rather than actual usage. It also disallows the incorporation of 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 living costs and recent rate increases approved by the BPU.