What is it?
The Equal Monthly Payment Plan is a convenient way to budget electricity bills monthly. It divides your estimated annual energy costs, based on historical usage, into 12 equal monthly installments to smooth out seasonal billing spikes. For instance, you may have higher bills in the winter, due to electric heat, and summer bills are lower. Instead of paying high bills in the winter, you pay the exact same amount each month. Bills will display your actual energy consumption, but you only pay the fixed plan installment.
What if i get charged too much?
Equal Monthly Payment Plans are reviewed semi-annually and reconciled annually. The review looks at the account balance versus the plan amount to ensure that it is on track for the year. An adjustment may be required if market prices or your usage change significantly. At the end of the year, the plan will be reconciled and if you have overpaid, the credit will roll over into the next year’s plan or can be refunded upon request. If there is a balance owing, the balance will need to be paid or upon request may be rolled it into the next year’s plan.
Can I cancel my plan?
Yes, you can cancel your Equal Monthly Payment Plan at any time. At the time of cancelation, any amount owing or overpaid will be applied to your next bill. If you miss 2 payments under this plan, NOTL Hydro will revert you back to the default billing.
Call 905-468-4235 for more information or to sign up.