Budget Billing - pnmprod
Frequently Asked Questions: Budget Billing
What is Budget Billing?
- Answer: Budget Billing allows you to pay the same amount each month, removing the monthly fluctuations caused by weather, changing usage and other factors.
How do you qualify for Budget Billing?
- Answer: Your account must be current to sign up for Budget Billing online. You may be eligible for Budget Billing even if your account is past due. You'll need to call (888) DIAL-PNM for additional consideration.
Is Budget Billing a discount?
- Answer: Budget Billing is not a discount program. Instead, it averages out your costs over twelve months based on your previous year's usage. You still pay for what you use.
Will I have a balloon payment?
- Answer: If you have used more electricity than you've paid for and cancel your participation, that overage will be added to your next bill.
How often is my Budget Billing reviewed?
- Answer: Budget Billing amounts are evaluated in August, and they may be adjusted up or down based on your usage and updated estimates of energy costs. In February we'll also let you know if, based on your usage, you can expect your payment to go up or down.
How is the budget payment calculated?
- Answer: Your Budget Billing payment is based on two primary factors ¿ your energy use for the last year and estimated costs for the upcoming year. It's best if you've been at your service location for at least seven months so we can accurately calculate your projected usage.
Where can I find my actual usage?
- Answer: Your monthly bill will still show your actual usage and charges just as you're used to. From that perspective, nothing will change. On page 2, you'll see a section titled "Your Budget Bill" which details your Budget Bill balance. If that amount is negative, you've paid for more electricity than you've used. If that amount is positive, you've used more electricity than you've paid for.
What happens if I am removed from Budget Billing?
- Answer: You can cancel your participation in Budget Billing at any time. If you have used more electricity than you've paid for, that amount will be added to your next bill. If you've paid for more electricity than you've used, that amount will be credited on your next bill.
I just moved in to my home, when can I set up Budget Billing?
- Answer: It's best if you have been at the service location for at least seven months so we can accurately calculate your projected usage.