Duke Energy Fixed Bill Warning
 

My mail delivered an offer from 'FixedBill' option from Duke Energy to 'help' me with my budgeting of my electric bill. I called them and found out that the dollar amount they offer does NOT include taxes and fees. NOR does it include products and services like 'surge protection' and 'home wiring protection'. It ONLY covers actual electric use and they don't give a refund if their estimate is higher than actual usage. I went back over my bills and averaged out my monthly electric usage. My use is $15 LESS than Duke's offer of $76 a month. So...I would be paying Duke Energy $180 extra a year for the privilege of knowing each month what my electric bill will be. NOT A GOOD DEAL in my opinion.

In my opinion, these plans are never a good deal. Budget properly and pay for what you use each month.

Great catch and GREAT for sharing so that others don't get sucked into this energy scam by the utility.

:mademyday:

This is interesting as back up North the Utility offered a plan to level payments, but there was no "profit" or loss, at the end of the year there was a correction to actual. I never used the plan, but I know a few that did, and most of the time the correction was relatively small, and each month there was an indication of over or under payment, so if you were keeping an eye on this you would not be surprised at year end.
I wonder if there is a misunderstanding with the Duke program, since this is a regulated utility I am very surprised this would ever get past the regulating entity.

Are you sure you are dealing with Duke? I have used budgeting plans with other utilities and if I over pay they over payment goes to the next year. I would not thin the Fl Utility Commission would let them keep the excess.
But if you like make up your own budget amount and pay that each month. To start the process double pay next month so you will have a credit balance. The start your own budget. Just make sure you always have a credit balance.

Why not pay the correct amount now as you calculated, overpay in otherwords. You will build a surplus to cover the hottest months. You, in effect, set you your own budget pay.

Something doesn’t sound correct here. There is a balance month at the end of your billing year. If your budget had you underpay then you pay to get back to zero. If your usage was less than what you paid with your budget then the excess money will be applied to next years calculations. Thus lowering your budget amount. If anyone is snagging your money it may be one of those ripoff companies who claim to save you money.

More questions need to be asked because possibly a mistake was made here. Everyone makes them. No big deal!

From the Horse's Mouth - Duke (Poke Here)

The OP is talking about "FIXED BILLING". Not "BUDGET BILLING".

Two different things. Both offered by Duke Energy. :ohdear:

All anyone has to do is go to their web site and read.

Not having Duke, I wasn't aware there were two programs.

You have to search to find it on the Duke site (unlike the Budget Billing' which is prominent)...but here's where you can compare the differences.

While 'Budget Billing' sounds fairly innocuous, I agree with the OP that the 'Fixed Billing'...looks sketchy. :ohdear:

Fixed Billing

Out of habit I signed up for one or the other after my first year in our home. I will inquire and thank the OP for bringing this up. Budget billing is not as critical as it was where we were from, it was a must there because the monthly charges were nuts. Duke Energy has been great except for one little blip. Like I said everyone makes a mistake once in a while.

To all of you who couldn't understand my original post - I am talking about FIXED Billing, not Budget billing. They are two separate programs. Go to duke-energy.com/Fixed for more information. The operator I spoke to was adamant the there would be NO refund if my usage was less than their predicted amount.
To save you time scrolling to the bottom of their page, here is the link to the terms and conditions.
https://www.duke-energy.com/_/media/...ions.pdf?la=en