New CoServ Budget Billing plan reduces surprises with monthly recalculations
CoServ now offers you more choices for your account. Recently, a new Budget Billing plan was added that provides Members and Customers with another avenue for financial predictability when it comes to their bills.
CoServ’s traditional Fixed Budget Billing plan has been successful for several years, providing a predictable amount for six months at a time while making it easier to budget. Every April and October, there’s a reconciliation that factors in any overpayments (credits) or underpayments (debits).
Now, CoServ offers a new Average Budget Billing plan that reconciles every month, so there’s only a slight change month-to-month. The balance forward – either credit or debit – is divided by six and subtracted or added to your 12-month average.
So which one is right for you?
Fixed Budget Billing
With both Budget Billing plans, Fixed and Average, the impact of extremely hot or cold billing periods, such as in July or January, will be spread out and averaged based on the plan’s details.
The difference between the two is how often your new budget amount changes. For example, with Fixed if the usage increases in July or January with more extreme weather, the bill increase wouldn’t be felt until the next reconciliation cycle, causing a more drastic change in your budget billing amount. This amount will be your new bill amount for the next six months.
Average Budget Billing
With Average, the amount is recalculated every month so the changes from a higher-than-normal usage month would change your budget bill amount each month, causing a more gradual change.
“We are always striving to find payment plans that best suit the needs of our Members and Customers and we believe this Average Budget Billing plan will be helpful to people who want a predictable electricity or natural gas bill,” said Stephen Meers, Director of Customer Care. “Rather than having two recalculations per year with a possible larger change, this payment plan does a ‘mini’ recalculation every month so the budget amount doesn’t change as much.”
CoServ Members and Customers can sign up for the Fixed or Average Budget Billing plans through SmartHub.
Please note: If you’re already on the Fixed plan and would like to switch to the Average, you will need to put in a request to Customer Care by emailing [email protected].
Questions about signing up? Click here to view our Budget Billing Plan Enrollment Guide.