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Each February / March, Guelph Hydro reviews the accounts of all Equal Payment Plan customers to settle any outstanding account balances and determine the equal payment amount to be paid for the next 12 months. Your Equal Payment Plan Reconciliation statement sent out in late February or early March. Please review your statement when it arrives to see what your new monthly payment will be.
If the annual reconciliation shows an overpayment, or credit, on your account, the amount is automatically rolled into next year’s Equal Payment Plan, resulting in lower monthly payments. If the credit on your account exceeds your average monthly bill, you have two choices:
Guelph Hydro recommends you have the credit rolled into the next year’s Equal Payment Plan to reduce your monthly payment, but should you choose to have the credit issued as a cheque, the request must be received by Guelph Hydro no more than 10 days from the date of the Equal Payment Plan Reconciliation statement. We strongly encourage you to review your Equal Payment Plan statement when you receive it to ensure cheque requests are made on time.
If the annual reconciliation shows an underpayment, or balance owing, remaining on your account, the amount owing is automatically rolled into next year’s Equal Payment Plan, increasing your monthly payments.
Credit and balance owing amounts are listed on your monthly Equal Payment Plan statement. We encourage you to review your statement periodically so you can see the status of your account and make any adjustments if necessary.
If there is a dash next to your balance forward, there is a credit on your account.
If there is no dash next to your balance forward, there is a balance owing on your account.
If you want to reduce a balance owing on your account, you can:
In addition to seasonal changes (electric heating and lights in the winter, air conditioning and pool pumps in the summer), an increase to the balance owing on your Equal Payment Plan is usually related to changes in your household electricity or water consumption, such as:
You can see where energy consumption patterns have changed by registering for MyEnergy View and looking at your consumption patterns, or by referring to the “Electric Consumption” chart located on the back of your Equal Payment Plan statement.
Your Equal Payment Plan Reconciliation Statement can be identified by the words "Budget Settle-Up Statement" at the very top. View a sample reconciliation statement
Below is a close-up view and description of some of the key sections of your Equal Payment Plan Reconciliation statement.
The Equal Payment Plan Balance Forward on your Equal Payment Plan Reconciliation statement is similar to the Equal Payment Plan Balance Forward on your monthly statement:
The Equal Payment Plan balance forward is the balance left on your account at the end of that year’s Equal Payment Plan.
The Your Electricity Charges section lists charges incurred in the current billing period
Should you choose to discontinue with the Equal Payment Plan, the Invoice Total is the amount that would be due for immediate payment to Guelph Hydro, or credited to your account.
Section 3: Your New Equal Payment Plan Monthly Payment
This section shows your new Equal Payment Plan amount and the date your bank account will be debited.
Your new Equal Payment Plan amount is calculated by taking the sum of all of the charges on your account over the previous 12 months, including the reconciliation amount, and dividing it by 12. This is the amount you will be paying on your Equal Payment Plan until your account is next reconciled or reviewed.