It will cost even less to heat your home this winter. Public Service Electric & Gas has announced that its residential gas supply customers will see an average decrease of 31 percent on their bills, about $118 less per household. New Jersey Natural Gas customers will see a 9.3 percent decrease, or $100, for the year starting Oct. 1, 2014.

PSE&G Electric Bill (Getty Images Genista)

PSE&G will provide residential customers a 28-cents-per-therm bill credit for usage during November, December and January. A typical residential gas heating customer who uses 91 therms in November, 165 therms in December and 165 therms in January should expect that $118 decrease. The bill credits come on top of a 9 percent reduction the utility put into effect on Oct. 1 which reduced the gas supply rate from 54 to 45 cents per therm. That's the utility's lowest rate in 14 years.

"Residential gas customers have benefited from steady reductions since January 2009," said Karen Johnson, spokesperson with PSE&G. "The price of natural gas has been coming down. We also have a program in place where we're able to provide additional savings based on how we purchase the gas."

PSE&G buys gas from the nearby Marcellus Shale Formation in Pennsylvania, and makes no profit on gas sales. In addition, transportation and storage capabilities, and the way the utility manages pipeline contracts, allow for additional savings to be passed on to customers.

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