Budget Billing Evens Out Monthly Payments
San Isabel Electric has a new program to make members’ monthly electric bills more predictable and budgeting easier.
Budget billing allows member-owners to pay a set amount each month. Payments are calculated based on the total of the past year’s electric usage. To avoid underpayment, that number is divided by 11, instead of 12, to determine the monthly payment. In October, when monthly payments are recalculated, any overpayment or underpayment is applied to the calculation for future billings.
“This is a great option for offsetting costs in high-usage months like July and August, with lower usage months like March and April,” SIEA Member and Billing Services Manager Naomi Simmons said.
SmartHub’s “My Usage” feature can also help members monitor their usage. If there is a substantial change, the member or the co-op can adjust the monthly payment with 30 days’ notice.
“Knowing payments won’t change drastically month to month is really nice for members,” Simmons said.
It’s important to note that budget billing isn’t designed to help save money, but to simplify personal budgeting.
There’s no enrollment fee, and signing up is easy. To sign up, fill out a budget billing agreement at siea.com/budgetbilling, stop by an area office, or give us a call.
BUDGET BILLING REQUIREMENTS
- 12-month billing history with SIEA
- Good credit
- No overdue balance
- Less than two late payments in the last 12 consecutive months
- Budget billing is not set up to pay ahead
- Overpaying will not lower the next month’s balance
- Overpayments will be applied to the following year’s
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