this post was submitted on 23 Jun 2023
5 points (100.0% liked)

Chat

92 readers
1 users here now

A relaxed section for uncategorized discussion. Post a question, share some advice, let us know how your week is going, etc.

founded 1 year ago
MODERATORS
jonah@lemmy.one
5
electric bill total ripoff (monero.town)
submitted 1 year ago by shortwavesurfer@monero.town to c/chat@lemmy.one
5 comments fedilink hide all child comments
 

My local electric provider offers a power plan called flatbill where they will give you the same price for a whole year. Seems great right? Not so much. They offered me a monthly rate of $154 which i knew right away was way overpriced as i almost always pay more than what i owe to build up a credit in case something comes up and i cant pay it. So i keep a very sharp eye on my usage. I did the math and found out that my average power bill over the last year was $113 per month. I always pay $130 to build the credit and they wanted to charge me $154. Na, im good. I will handle it myself.

you are viewing a single comment's thread
view the rest of the comments
[–] heartlessevil@lemmy.one 3 points 1 year ago

That's actually terrible advice. If your bill (all numbers examples) was $125 and you spend $150 to build up a credit with the company, you are essentially giving the company a free loan of $25 per month, and telling them "here, invest this for me, and keep the profits." You can put the same amount in a high interest savings account, only use it to pay for electrical emergencies, and just pocket the interest as profit. Functionally identical but you get the profit instead of the electric company.