you've paid $300 for budget billing but have only used $150 worth of utilities) then you should get a check from them of the difference. I recently asked a coworker how much he paid for his electricity each month. If you have a credit with them (e.g. Whole Life Explained. So be smart, ask questions, and most importantly put yourself in the driver’s seat when it comes to electricity and gas usage–start controlling both your power consumption and your budget. – Monitor your usage online by opening an account on your power company’s web site. If I'm reading your question correctly: Will you need to pay the surplus (e.g. Every year they will recalculate the monthly amount and it might take 2 or 3 years to get it accurate. I like to know how much oil i am actually paying for.If I switch to budget billing, then i have to worry about overages and underages. Most likely, you will see that even though you may reach your maximum budget amount a few months out of the year, for the most part, because of being more careful about cooling and heating your home, you will have money to spare! Sure enough, 2 months earlier the guy had read the meter wrong and overcharged us big time!! I just wont be doing it for heating oil. Thanks, it's actually the other way around. if you overpay (not as hot summer) do they lower it? Finding additional savings in our current budget is like finding a wad of cash in the pocket of freshly washed jeans! As we started talking, I shared with him that our electric bill for a two story, older split-level home ranged between $100 – $180, depending on the season. WE get a refund from oil at the end if we don't use what we paid. – Don’t be deceived! We do it for LIPA. Lingo I've been using the BGE budget billing to pay a lower amount during the summertime but now that it's colder and and I'm using significantly less electricity and relying on oil to heat my house, I am considering cancelling the budget billing payment plan. Saving on Electricity: Is Flat Billing Good or Bad for Your Budget? If you over pay you get the money back at the end anyway. I gasped for a second since I knew his home was a single-story ranch that was barely 5 years old. As of now I've paid only $85 a month when during the summer I have used $120-$150 worth of utilities due to using AC. LIPA also has budget billing as well? Remember the "balloon payment" line above -- if your budget-billing payment is actually putting you in the red due to a cold or heat snap or some other factor, it's best to know that before the end of your term. Unfortunately we are going to go up in August anyway based on the past year. Just not worth the hassle.My wife may end up doing budget billing for LIPA since she pays the electric. If you got to be on it and beat your don’t . Budget billing means your utility company (like the power or gas company) will offer you a set amount due each month for a certain utility. At the end of the year you either end up with a credit or a balance. Also ask them about “administrative” fees associated with flat rate billing. Our landlady thinks we are crazy for doing the budget...I don't see how we're crazy when we are saving over $100 some months. For some of us, our electric bill can become that “unexpected” source of newly found cash, especially if you’re currently on a “flat billing” plan with your electric company. Even though you’re on a flat rate plan, electric / gas companies set the rate assuming you will be using lots of electricity or gas during the summer or winter months. I know she does not like "surprises". ? Lipa bill might go up for the last month but it always goes back down to the original bill or sometimes lower. My question is if I cancel it now, will I have to pay the amount I've saved from using the budget billing throughout the year? I don't. As we continued our conversation, he did mention that although the flat bill kept going up each year, and even though it was convenient, his family was probably not paying as much attention to the usage because of the flat rate, knowing that whether he was careful or not, his bill would stay constant, at least for a season. You are better off in the long run keeping it. © 2020 Copyright - Finicity Corporation. To even out the peaks and valleys so you don't get hit with a huge bill in July. Now it's pretty spot on. anyone do this where they average your monthly electric and you pay the same amount every month instead of higher in summer/winter for A/C & heat?? In many cases, however, it’s a way for the electric company to charge you more money! To determine this amount, the company will add up the amount you spend last year on that particular utility, then divide that number by 12, assuming that your usage will generally stay the same. They wanted to put me on a Budget Plan. Saving Money by Budgeting for Electricity. We use a budget for LIPA and oil. Budgeting software like Quicken is only payable annually with prices starting at $35 per year. The best budgeting apps can help you manage your money and, dare we say, even make it fun. I'm not sure what would happen should you choose to re-enroll at the same address though. Life Insurance: Term vs. Mind you that when I moved from an apartment where I was doing budget billing to a house, I needed to re-enroll for whatever the fee is (was something like $200 back then) to do budget billing there. Simply assign a specific amount you’d like to spend on electricity every month, then monitor and adjust your usage to always come under that amount. By the time we ended our conversation, he was ready to take a second look at the way his family uses and pays for electricity. Create Account. This way, you can see your usage month over month, compare this year and last year’s usage, and have a full visibility as to all of the charges. Usually they end up over-estimating our usage, so our final bill of the year is usually close to nothing!However, even with the estimated billing, you MUST check your bill to make sure your usage is correct. Most electric and gas companies will offer flat billing as a helpful service that takes the “guesswork” out of the monthly electric bill game, but as you consider the convenience, please keep the following in mind: – Depending on your electric company, this may be a great idea where you’ll get your money back if you use less electricity than what you paid for.

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