This month I received a flyer from Duke Power offering a FixedBill program, get a fixed billing amount for the next 12 months. Sounds good right?
Here is what I’ve determined:
- I have to give up my current Budget Billing plan costing $235/mo.
- The new FixedBill costs $277/mo + state and local taxes and “other service charges”.
- The state and local taxes and “other service charges” I currently pay in my $235/mo amount is $14.26
- I calculated my additional charges under FixedBill at about $15/mo.
- This brings my FixedBill total to $292/mo.
- I can opt-out of the program before the 12 months are up but I would have to pay them back any overage, BUT I would NOT get any credit for under usage.
- After 12 months I’m automatically renewed for another 12 months unless I contact them and opt-out.
- The FixedBill amount includes a “Risk Adder not to exceed 6% and a Usage Adder will be between 4 – 6%.
- There is no incentive during the year to conserve energy! We are already paying about $0.13 per KWH (net)!
- My monthly electric bill will go up $57. Next year rate would be based on this year PLUS Risk Adder and Usage Adder
Overall, I don’t see anything but a benefit to Duke Power who will get an additional $57/mo. from me (as I calculated it).
Current Bill $277/mo
FlexBill Bill $292/mo