The cost of electricity has declined to a new five-year low, with the Jamaica Public Service Company (JPS) having enacted a four per cent reduction in price this month, in line with the procurement of cheaper oil.
The JPS has reduced its fuel and IPP costs for residential entities by more than 11 per cent.
The average residential customer is now paying the cheapest cost for electricity since late 2010.
At current levels, residential customers are paying US$0.20 per kilowatt hour for electricity, which is about half the level paid two years ago.
Some businesses are paying as low as US$0.16 for each kilowatt hour used.
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