Owen Electric offers Levelized Billing as a way to even out your monthly electric payments. By participating in the Levelizing Billing program, you will be able to smooth out the high and low seasonal fluctuations in your electric bill. Levelized billing also assists you in budgeting your monthly electrical expense.
Levelized Billing is a form of "budget billing" and is similar to budget plans offered by other utilities, but Levelized Billing is also different in several respects.
How will my bill be calculated?
Levelized Billing is a payment plan where you pay an average amount each month, based on your actual electrical usage. Your actual usage is calculated each month according to the readings received from your home’s meter. The current month’s bill is then added to the previous eleven (11) months’ actual bill and divided by twelve (12) to arrive at an average monthly bill. This amount is then adjusted up or down depending on your actual account balance. Any current local school taxes, city franchise taxes, or state taxes which must be paid immediately by Owen Electric to those taxing agencies are added to your monthly level payment.
Will my Levelized payment amount change much from month to month?
It depends on how much your actual usage changes on a monthly or annual basis. If your actual electrical usage increases or decreases due to a change in your daily lifestyle, change in appliances, or a change in heating or cooling, your Levelized payment amount will be adjusted accordingly. Most members using Levelized Billing see very small fluctuations in their Levelized payment amounts each month, often less than $10.
When is my account balance settled?
Unlike many other budget plans, Levelized Billing does not have a settlement month unless you elect to stop participating in the program. As long as you continue to pay the level payment amount each month, your account will be gradually adjusted in response to your actual usage.
If you decide you no longer want to participate in the program, just call Member Services at (800) 372-7612 and ask to be removed from Levelized Billing. Once you pay your account balance, all future bills will be based on each month’s actual electric usage.
How do I stay on Levelized Billing?
To stay eligible for Levelized Billing, you must pay the full amount of the Levelized payment due each month by the due date. If you do not pay the full amount by the date it is due, your account will be removed from Levelized Billing and place on our normal billing program. Accounts not meeting the monthly payment requirements of Levelized Billing cannot be reinstated in the program.
How will I know my actual usage, payment, and balance?
You will receive a monthly bill statement which will show your current month’s actual usage, your current balance, and your new level payment amount. The account balance reflects your total actual usage less all payments you have actually paid through the date of the bill. The current month’s level payment due is not included in your account balance until you actually remit payment
to Owen Electric.
How and when can I go on Levelized Billing?
You qualify for Levelized Billing if you meet the following requirements:
- You have received service at your present address for at least twelve months
- You have paid your account balance in full
- You have established satisfactory credit with Owen Electric