You know that I am all over student loans and the flexible repayment plans that exist in that space. However, student loan companies aren’t the only ones with some flexibility. I learned from my BFFL that electric companies can be somewhat flexible too.
How My BFFL Lowered Her Electric Bill
My friend said she gave her electric company a call to see if there was any way she could lower her electric bill. Turns out that she qualified for a $20 a month discount because she earns below a certain threshold. $20 a month may not sound like much, but that amounts to over $200 a year and when money is tight, every little bit counts.
Once she told me about this I started doing some research on other electric companies to see what types of plans and discounts they might offer. Turns out there are quite a few different options out there.
As a disclaimer, the electric company you work with and the programs available will vary by area. These are just a few programs I was able to find information on.
If you want to learn more or are curious if you qualify for a different program, give your electric company a call. I know no one likes to call service providers, but one phone call can make a difference for your wallet. It’s worth the call to get a lower or more consistent electric bill.
Equal Payment Plans
The company can look at your bills over the last 12 months and find the average. You will be billed the average for 11 months and the 12th month will be used to adjust for any difference. So if having variable expenses each month is throwing off your budget, this is a great way to find some consistency for most of the year.
Peak Hour Plans
Just like there is rush hour when driving, there are peak hours when the majority of people are using electricity. By jumping on one of these plans, there would be a difference in the cost per kilowatt from non-peak to peak hours. If you could manage to use the majority of your electricity during non-peak hours you could see some big savings.
Keep in mind the peak hours for your area may be different than peak hours for another area. Be sure to communicate with your electric company and make sure that you completely understand the peak hours and the cost difference before signing up for this type of plan.
Energy Assistance Plan
This plan is for low-income households that might just need a little help to stay safe and healthy during the various seasons. I found out that my electric company allows users to donate to this cause. So you can help others with their electric bill.
There is also the federal government’s, Low Income Home Energy Assistance Program (LIHEAP), it lays out the income maximums and provides instructions on how to apply.
Wrapping it Up with a Bow on Top
If you struggle to pay your electric bill, because it varies from month to month or maybe you just don’t make enough, you may have options. Take the time to call your electric company and find out how they can help.
Have you ever applied for a different utility payment plan?