Budget Payment Plan
What is the budget payment plan?
OTEC understands that budgeting for your electricity bill can be a challenge, especially in the cold winter months and peaks of hot weather in the summer time. These ups and downs in weather affect your electric use from month-to-month.
Our Budget Payment Plan program may be a helpful tool for you to more easily and conveniently budget for your electric costs by eliminating some of the highs and lows in your monthly bills.
The Budget Payment Plan takes an average of your last 12 month history and charges you that average each month. Your plan is reviewed annually comparing the estimated amount to your actual usage and any difference will be billed or credited based on the option selected during enrollment.
It's important to remember that the Budget Payment Plan is not a program that will provide you with a discount to your rates. It is also important to know that we may change your Budget Payment Plan amount midway through the year to ensure that you do not have a large amount owing at the end of the year.
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 begin today.