Tired of unpredictable bills? PSEG Long Island's Balanced Billing plan might be right for you. We explain more about it here.
The rate you pay with PSEG Long Island is variable, meaning that it - along with the total amount on your bill - can change considerably from month to month. To help you better manage your bills, PSEG Long Island offers a Budget Billing option.
How It Works
PSEG Long Island estimates how much electricity you will use over the course of a year, and will divide it up into 12 equal payments. This estimation is made by looking at last year's electricity/gas usage. Once a year your account is "balanced"; if you have paid for more than you have consumed PSEG Long Island will credit your next bill, and if you have paid for less than your actual consumption cost the amount remaining will be added to your next bill. PSEG Long Island may alter your monthly amount throughout the year if your usage is not exactly the same as last year or if prices change dramatically, in order to avoid a big adjustment at the end of the year.
Balanced Billing Vocabulary
Each month you will receive a normal bill that describes how much electricity you have used that month, along with what you would be paying without budget billing and what you actually pay with budget billing.
- Balanced Billing Status: This section of your bill tells you shows your usage to date, how much you have been billed to, and the difference between the two. It is found on the back of your PSEG Long Island bill.
- Usage to Date: This is the total amount of electricity you have used from the beginning of the Balanced Billing year up to the date of your bill
- Billed to Date: This is the total dollar amount for which you have been billed starting from the beginning of the Balanced Billing year up to the date of your bill
- Balance Due Company: This means the cost of your usage is currently higher than what you have been billed for
- Balance in Your Favor:This means that the billed amount is currently higher than the cost of usage
Are you Eligible for Balanced Billing?
Call to find out if you are eligible for Balanced Billing at 1-800-490-0025, but in general most utilities require that you have no outstanding balance. If you are a new customer may be a good idea to wait at least a few months before setting up Balanced Billing, as it will help PSEG Long Island estimate your amount accurately.
Is it Right for Me?
The budget plan could be a good option for customers on a tight buget/limited income. If you find unpredictable bills difficult to manage, you might want to consider a budget plan.
How to Sign Up
You can sign up for Budget Billing online, on the PSEG Long Island Balanced Billing page, or you can directly contact PSEG Long Island's customer service (631-755-6000 or 1-800-490-0025) and give them your account information.
Other Ways to Save On Your PSEG Long Island Bills Another way to stabilize your bills and save money is by locking in a fixed rate for your electricity. With New York retail energy markets open to competition, you have a choice of energy supplier. Alternate Energy Supply Companies (ESCOs) offer a wide variety of price options, including fixed rates, variable rates, and green energy. Many of them offer great deals that can help you save money.
Call us at 347-410-8789 to find the best rates available in your area.