Budget Payment Plan
What is the Budget Payment Plan?
The Budget Payment Plan allows the convenience of knowing that your bill will be the same amount each month. Each year in June, the previous 12 months use is averaged to arrive at a Budget Payment amount.
Why Start in June?
The typical Budget Payment customer pays out more then they use in the summer months, building a credit on their account. During the winter months when the electric use typically increases, the credit on the account allows the customer to continue paying the lower Budget Payment amount. On occasions circumstances such as changing your heat source or additional people living in your home would warrant an adjustment to the original amount calculated. It is OTEC's intent to arrive as close to a zero balance at the end of the Budget Payment year as possible.
What Happens if My Usage is Different?
Reconciliation happens in May, where any amount owed on the Bill is due and if you have a credit on your bill of more than $10.00, OTEC (upon request) will refund the amount of your credit or it can be left on the bill to reduce the Budget Payment amount for the next year. The Budget Payment Plan is available to all customers at any time of the year, however starting the plan later in the year results in a higher Budget Payment amount as the time allowed to build a credit is shorter.
How Do I Sign Up?
If you are interested in the Budget Payment Plan, please call your local OTEC office to find out what yours would be!
