Savings Tip – BC Hydro

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Savings Tip – BC Hydro

If you live in British Columbia then you likely have an account with BC Hydro. In fact, getting an account at BC Hydro was one of the first things I did when I moved out and became an independent person. At that time, I was told a good way to build credit was to make sure I always paid my BC Hydro account on time. Almost 20 years later, I realise what good advice this was.

You might think that there are no ways to save with BC Hydro, but I am all about potential ways to make and save money.

The first step is to create a My Hydro profile 

The second step is to go on the equal payment plan if you haven’t already done so. This plan ensures you pay the same amount every month. Don’t worry, you don’t have to figure it out, they do. At the end of the year, if you paid too much or too little they do an adjustment. If you want to take it further, you can sign up for pre-authorized payments from your bank account. You know what the amount is going to be and paying your Hydro bill becomes one less thing you have to do every month.

Going on the equal payment plan helps with your monthly spending plan. Now you know exactly how much is coming up for BC Hydro which means you can figure out how much money you have left to spend on other things in your plan. Ok, I had to sneak some spending plan info in there.

The next step is signing up for Team Power Smart

Joining Team Power Smart does not require any work, other than the initial sign up but there are big benefits.

If you manage to decrease your consumption by 10% year over year then BC Hydro takes $50 off your bill.  Not to mention the fact that you just saved 10% of your bill. Assuming you spend $75/month on Hydro, you will also save about $90 over the year. Every year after in which you maintain your lowered consumption, BC Hydro will give you back $25.

By signing up for Power Smart I became more conscious of my Hydro bill and I have figured out what costs me the most; it’s my dryer. I now hang my clothes out as much as possible. This can be hard to do in Vancouver, but you might find another way. Perhaps you like to fall asleep to the TV every night? Why not get up out off the couch and go to your bed. You’ll sleep better and it could save you money.

It becomes a bit of game to figure out where you can save on your bill. I especially like the graphs on their website – Here’s one that compares my household consumption to my neighbours!

BC Hydro Graph

 

Taking this step does not take a lot of time. Once you are signed up, it is up to you how often you want to check how you are doing. I find I look once a month when I get my bill notification.  The other great part about this is that it helps the environment. Yay!

 

By | 2016-11-25T02:24:53+00:00 November 6th, 2014|Savings Tips|0 Comments

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