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Budget Payment Plans

Tired of unwanted surprises every time you get your heating bill? Ease your budget and your mind with Island Petroleum's Budget Billing Service.

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Ready to simplify your life? Click here to register.

Questions?

Consult our Frequently Asked Questions to learn more about Island Petroleum's Budget Billing Service.

Conventional heating bills tend to fluctuate up and down from one bill to the next, making it more challenging to plan and manage a budget. If you're looking for stability, predictability and convenience, our Budget Billing Service is the right choice for you.

Unlike regular billing methods, our Budget Billing Service:

  • Equalizes payments over 10 months—every payment is about the same and it's INTEREST-FREE!
  • Offers the option of a semi-monthly payment schedule
  • Makes payments automatic, saving you time and ensuring you don't forget a payment
  • Eases your wallet and your mind

Here's an example of how Island Petroleum's Budget Billing Service stabilizes the drastic spikes in heating costs over a typical billing cycle:

budget-billing-ip.gif


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Frequently Asked Questions

What payment schedule options do I have?

Payments can be scheduled in two ways:

  • Sign up for a 10-month budget plan.
    • Payment dates are on the 1st or 15th of each month (September - June)
  • Sign up for the semi-monthly 10-month plan.
    • Payment dates are on the 1st and 15th of each month (September-June) 
How is my bill calculated?

Your bill is calculated by estimating your total yearly cost and dividing it by the number of payments you’ll be making during the Budget Billing Service season.

What payment options do I have?

Budget Billing Service payments are made through pre-authorized bank or credit card accounts. They are automatically paid on the on the 1st and 15th of the month if you are on a bi-monthly plan, or on the 1st or 15th of the month if you are on a monthly plan.

What items are covered by my budget payment?

Your payment includes your oil and furnace equipment service plan (if you have one). Budget payments do not include equipment sales, leases or rentals.

What if my actual costs are different than estimated?

We make every effort to predict how much you will owe over the course of a billing cycle, however, actual costs may differ because of oil prices, weather conditions, whether you have undergone home renovations, es and other factors. Mid-way through the winter, we’ll analyze your account and contact you if we recommend adjustments to your payment.

How often will I receive a statement?

Statements are issued in December, March and June.

When is my final statement issued?

Your final statement will be issued every June 30th.

What happens if I have a balance or credit at the end of the budget season?

Any credit payable or balance owing on your account will automatically be processed in full to your bank account or credit card within 30 days of the final statement.

Why does my statement sometimes show an amount due?

Because pre-authorized payments for leases or rentals generally appear on your next statement, don't be surprised if you see an amount due (equivalent to one month) on your current statement. For example, the January lease may appear as an amount due on the January bill even though it will be paid automatically in February. Therefore, if your lease or rental is set up for pre-authorized payment, do not pay this amount due.

An amount due can also be the result of charges not covered in your budget plan (e.g. missed payments, burner service work or equipment purchases). All of these amounts are payable.

If you're not sure whether the amount is payable, simply contact us.

Why is there an account balance but the amount due is zero?

The account balance is not payable. It is simply meant to show you the running balance of total charges and total payments at any point in the season. Ideally total actual charges for that period will be about the same as total payments by the end of the season (i.e. the account balance will be at or near zero dollars). If there is a difference such as an amount due, it likely reflects items not covered in the Budget Billing Service plan. An amount due is payable, except in the case of leases or rentals in the answer to the previous question.

How does my plan renew each season?

During the summer of each year, we will notify you about your estimated monthly payment amount for the upcoming budget billing cycle. There is no need to contact us to re-approve pre-authorized payments—the new amount will automatically be deducted from your credit card or bank account beginning each September.

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