PSE&G bills should be about 30 percent lower during December, January and February, according to the company.

The company said it will be providing bill credits of about $124 this winter. According to the company, since January 2009 annual bills for PSE&G's typical residential gas heating customer will be 55 percent, or $916, lower due to supply rate reductions.

The company said its gas supply rate is at its lowest in 15 years.

"I can't think of any other commodity that costs 55 percent less today than it did in 2009," Jorge Cardenas, PSE&G vice president of asset management and centralized services, said in an announcement from the company "Falling natural gas prices, our transportation and storage capabilities, and the way we manage our contracts have enabled us to pass these savings along to our customers as the temperature drops."