Trying to make paychecks go further has been on everyone’s mind. Inflation has dropped, but the latest Consumer Price Index for the past 12 months is 2.9%, which means prices are still going up. Empire Electric Association experiences the same inflation pressure as its member-owners. Cost of the equipment and services we use to provide safe and reliable power continues to increase.
Just like you, we at EEA are always looking for ways to make the co-op’s dollars go further. Two ways you can help us reduce costs and keep rates lower are by choosing how we send your monthly billing statement and how you pay it.
Postage and printing costs continue to climb. EEA spent $116,000 in the last 12 months printing and mailing monthly statements to members. EEA offers a paperless billing option where, instead of receiving a paper bill in the mail, you receive an electronic notice. You can choose to be notified by email or SMS text message. An electronic copy of your billing statement is available along with other usage information on SmartHub, EEA’s online member information platform.
SmartHub can be accessed using a computer and a web browser, or there is an app available for Apple and Android mobile devices. You can find out more at:
Sign up for paperless billing in SmartHub in the Settings menu or by calling EEA at 970-565-4444.
How You Pay Matters
How you pay your bill also has an impact on EEA expenses. EEA spent $309,000 in the last 12 months receiving and processing payments for monthly billing statements. The most expensive method per transaction was our lobby kiosk. Although only 0.5% of transactions were made at the kiosk, it accounted for 19% of our expenses. EEA discontinued the kiosk in September.
The second most costly is processing paper check payments, which represent 15% of transactions but 38% of expenses, or $117,000.
The lowest cost method for EEA to receive your payment is when you take advantage of your bank’s bill payment program. To sign up, talk to your bank.
The next lowest is to pay through SmartHub using an electronic check from your bank account. The third least expensive is auto-pay using SmartHub and paying from your bank account. The key is paying directly from a bank account. Credit card payment fees accounted for 31% of payment processing expenses.
Changing your payment method to a bank account in SmartHub is easy:
- Log in to SmartHub
- Click on Settings
- Select Stored Payment Accounts
- To start auto-pay, click the Bill & Pay menu and select Auto Pay Program
Let’s Work Together
In these times of rising prices, we can all use a little help. Please consider helping EEA keep all expenses lower by opting in to paperless billing and paying your bill from a bank account. We appreciate your support.
