Most New Jersey residents will see their home electric bills drop 2.6 percent on June 1, PSE&G said on Friday.

The utility, which serves about three-quarters of the state, said a residential customer using the average amount of electricity would save $3 a month versus today.

State utility officials approved the rate cut Friday after a recent auction for electrical supply.

The cut will be welcome relief for New Jersey residents, who pay some of the country's highest prices for electrical service.

The most recent data from the U.S. Energy Information Administration showed the average residential New Jersey customer paid 15.29 cents per killowatt-hour for energy in November, in the top quarter of the lower-48 states.

The price cut for electricity is in addition to a credit for gas customers for January and February, which will save the average customer about $25.