The average residential electricity customer in Vineland, New Jersey, will soon see a $60 reduction in electricity rates, which will go into effect on October 1, the Vineland Daily Journal reports.

According to the news source, the price drop gives the Vineland Municipal Electric Utility the lowest rates anywhere in New Jersey for a customer base that uses about 1,000 kilowatt hours per month. The rate decrease comes on the heels of another price reduction, which was found in the fuel adjustment charge for the last four months.

This charge, which was lowered in June 1, is the rate passed on from the utility to the customer to fund fuel sources needed to generate electricity.

Mayor Robert Romano said he hopes the lower rates will attract new businesses to the area.

"The cost of operating a business is one of the biggest driving factors in getting someone to relocate here or to stay here," he said. "I’ve told Sandy Forosisky, the city’s redevelopment director, to start plugging it. The electric bill is one of the first things a business owner looks at when deciding where to go."

The utility is competing with the many retail energy suppliers in the state, which moved there after energy deregulation laws were implemented there at the turn of the millennium.