It makes sense to study your local utilities company's charging practices in general – including those specific to competing providers. Terms of Use The amount of your payment may vary slightly from month to month, but will not climb significantly in the winter and summer when heating and cooling equipment is used the most. Innovative Educator Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Financial Calculators, Mission If your budget gets "bent out of shape" every winter and summer during peak heating and cooling periods, why not level it out with our Average Payment Plan. The Budget Billing Plan (the “Plan”) allows you to pay your electric bill with a scheduled amount each month. Larry Davis has worked in the safety and environmental field since 1975, writing for "Chevron Review" and other professional magazines. Apps
Based on those calculations, your utility company comes up with an average monthly payment that allows a customer to even out monthly utility payments over a specific time period, usually a year. Every 3 months, we’ll review and adjust your budget bill amount, if needed. Understand any and all fees before you pay them. The next year's budget will be presented in a letter or on your billing statement, which you can accept, or you can choose to go off the budget plan. Margaret James. Peter Pig's Money Counter See how well your utility can explain how they would set your bill. Comics What happens if my actual utility costs exceed the amount I'm paying each month on my billing plan? A budget plan, which is based on your own household's electricity use, averages out your bills to prevent busting your budget to pay your electric bill. The amount is based on historical electricity usage and price per kWh. Covid-19 Resources Recognition Your electric bill will show the kilowatt-hours you've used between meter readings.

Under the Average Payment Plan, your annual electric bill will be divided into 12 monthly payments that will round off those peaks and make it easier to pay.
Life Events, Your Money, Your Future Bottom line: Utility budget-billing plans might be a good idea for homeowners and renters who want a little more predictability in their monthly payments. One stipulation for beginning the budget plan is that you are up-to-date with payments, as the electricity provider will typically not average a past-due balance into the budget.

As mentioned, your utility company will continue to measure your usage on its metering system. Depending on the community, a variety of utility companies might be competing for your business.

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