The outgoing president of New Jersey's largest gas and electric provider envisions a radically different way residents in the state pay for electricity, according to a report.

While speaking at an investment conference in South Jersey late last month, Ralph LaRossa, president and chief operating officer of PSE&G, outlined a bold vision for the future of New Jersey's energy and how residents in the state should pay for it, according to a report by NJBiz.com.

Rather than paying for power usage, LaRossa -- who will be leaving his role to become president and COO of PSEG's merchant generation business, PSEG Power -- believes customers should be paying a flat monthly fee for only the equipment they are borrowing each month, according to NJBiz.com.

Customers would continue to get an electric bill -- only the delivery portion would be a change from the traditional model to encourage utilities to invest more in energy efficiency.

Though it's unclear how many years it would take before such an idea would even be considered by legislators in Trenton, LaRossa said it was a policy decision that would undoubtedly be made in the future.

EDITOR'S NOTE: An earlier version of this story -- citing a report by NJBiz.com -- said LaRossa questioned whether state residents should be paying for electricity at all. A PSE&G spokeswoman clarified that and said customers would still get a bill under LaRossa's vision, but would pay for the equipment they borrow. Bills would not be based on how much electricity customers use.

Spencer Kent may be reached at skent@njadvancemedia.com. Follow him on Twitter @SpencerMKent. Find the Find NJ.com on Facebook.