That is a bit high. Check for a few things...

Check to see if there are any other companies listed on the bill as your supplier such as "Constellation Energy" or "Direct Energy". There should only be PSEG on your bill.

Check to verify if the major charges are for electric or gas. If you have baseboard heating or heating by wall unit, those tend to eat up a lot of energy. Baseboard is by far the worst, most expensive and energy inefficient type of heating.