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Budget billing with Dominion- worth it?
I set up an account with Dominion yesterday for when we move into the condo we're renting (electric is included in our current apt., so first experience doing this). Our new landlord told me what she's paid per month on budget billing, and said it was good to sign up for. I signed up for it, but had no anticipated the additional costs I'd have to front. I was told it's a $15 initiation fee, then a $180 security deposit ($60 added to the bill for the first 3 months), which we'll get back after we've paid our bill on time for like a year. I know we can afford it, but my DH questioned if we really need this. I like the idea of knowing exactly what I'll be paying per month, but then again, it's not a big place, so I don't expect huge flucuations in the bill. Advice/experience? TIA!
Re: Budget billing with Dominion- worth it?
It gains you nothing. You still pay what you use, you just don't have the changes monthly. If you underpay, I'm nearly certain you pay a "catch up" at the end of the year.
They charge a security deposit because if you're doing budget billing they assume you're a credit risk. I had to pay that stupid deposit when I moved here because they claimed I was a credit risk. Uh huh. I've never paid a bill late ever and carry no balances on anything. Can you tell I'm still annoyed 6 years later?
Not that it really matters, but you can pay that deposit at once ($180) or over 3 months. If you pay over 3, you don't get it back until a year after your third payment. I was also annoyed about that - even though again, it mattered not at all in the grand scheme of things.
We do budget billing. I don't remember a setup fee thing, but that deposit was really, really annoying. Way to make me feel like a friggin loser who doesn't pay their bills!
However, I like budget billing b/c our summer bills were maybe $60-70/month based on actual usage. Our winter bills KILLED me. They were easily twice that b/c we have electric heat and my husband is always freakin cold in the winter.
Stand up for something you believe in.
We do it because I like knowing what we owe.
I don't think we did a deposit. Maybe an initiation fee... but not $180 up front. Is that new?
I wish our deposit was lower! We are certainly not a credit risk, so I'm assuming it's something new. Hmm... wonder if I can get out of it now, since our billing won't start until Sept. 30th.
Thanks for sharing everyone!
Planning Bio
If you didn't previously have an electrical account, you may have a deposit despite the fact that you're not a credit risk. When we lived in OK, we lived in a condo where electricity was included. When we moved to TX and had to set up an account for electricity, we had to pay a deposit simply because we had not had an electrical utility account for over a year.
So, you may want to check and see if the deposit is just for the budget billing plan, or if you'll have to pay it regardless since you don't have a utility history.
Planning Bio