“Anything above 0 per cent is too much for power companies to offer, as the discounting comes at the expense of financially challenged customers,” he said. address. Click on the picture to see the original (it looks the same). $150 (incl. Apparently my prompt payment discount is to increase from 12% to 22% wef 1 August 2011. A good prompt payment discount has often been a key deciding factor for people who are choosing a new power plan. 1/10 – Net 30. Discounts and rewards with Energy Plus Join Genesis and get up to $200 credit plus great discounts and rewards on an Energy Plus Plan. How does your power... Change Contact us; Broadband Compare helps you compare your broadband provider and plan to make a fully informed choice. Contact is one of New Zealand's leading energy generators and retailers, supplying electricity, natural gas and LPG to over 500,000 customers nationwide. Compare NZ power companies, compare features of different power plans and find the best power deals here at Power Compare. A percentage-based charge for late payment was not justified when it was a fixed recovery cost, Wilson said. Cheers! So that so-called prompt payment rate, everyone should be getting that,” she said. COUPON (2 days ago) An early payment discount (also called a prompt payment or cash discount) is a reduction in an invoice balance when it’s paid before the due date. “Since implementing a ‘guaranteed discount’ and later moving to the ‘naked rate’ or ‘flat rate’, Meridian has developed even stronger relationships with our customers. What is a prompt payment discount? The 2% discount is not a prompt payment discount, it will always be applied. There was an extra 2 per cent discount for customers who got their bill online and paid by direct debit. Understanding Early Payment Discounts on Invoices. Most power companies have ditched the prompt payment discount but some of the biggest still offer them. The Electricity Authority reforms last year also prevented electricity companies from offering last minute deals to dissuade customers from switching suppliers and jumping ship. Is your power bill the lowest since 2015? CODES (2 days ago) The most common prompt payment discount terms are 1/10 – net 30, 1/15 – net 30, 2/10 – net 30, and 2/15 – net 30. It’s a great way to track your power usage and manage your budget. The Government estimated that consumers would be $45 million a year better off if power companies normalised pricing at the discounted level and only charged late-payers "reasonable fees" for the costs of chasing late payments. Consumer NZ had not seen any examples of companies removing the discount and then inflating their prices, and “if anyone has got any suspicions we would be really keen to look at the data on it”. However, the review found that “prompt payment discounts” actually amounted to “late payment penalties” for those who struggle to pay their bill on time. Compare power companies NZ wide on Power Compare. Rival power retailers are likely to come under pressure to follow suit, with Contact Energy particularly exposed as it has led the market in raising the size of its prompt payment discount to … The Friends Extra Discount is a 5% discount on the unit charges of your Trustpower energy services, which you can opt into for a fixed term of 1, 3 or 5 years. Prompt payment discounts have traditionally been a standard part of NZ Power Bills – usually a discount of up to 15-20% for power customers who pay their bill on time. and they charge pretty much what the others charge. While many homeowners benefited from the discounts, it effectively rewarded wealthier customers at the expense of those whose income did not cover monthly expenses, said Chris Walsh, founder of price comparison site Moneyhub.co.nz. Contact Energy is one of New Zealand’s leading energy generators and retailers, providing electricity, natural gas and LPG to about 562,000 customers nationwide. Energy Minister Megan Woods has now written an "open letter" to power companies encouraging them to make changes, before she "proceeds down the track" of regulation. ...Contact is an awesome power provider...Contact Customer service team are friendly, kind, prompt and very helpful. You will be the first to learn about new power deals and exclusive offers. It … Cheers! The government has given Power Companies 6 months to get rid of prompt payment discounts under threat of regulation. Contact Energy Remove Prompt Payment Discounts and ... $150 off (2 days ago) Contact Energy are introducing a new Everyday Bonus Fixed Plan which will include a $150 off your first bill, 2% discount on energy bills, plus the certainty of fixed energy rates. “Our view is that electricity is an essential service but there is a significant proportion of the population who struggle with their bills and are unable to heat their homes to the level they should be able to.”. A PPD is a conditional discount offered by some retailers. Advising Contact Energy in relation to settling breaches of the Fair Trading Act regarding Contact Energy's Dual Energy and Prompt Payment Discounts. Do you rely on a prompt payment discount to keep your power bill down? Depending on the plan, Contact Energy now offer discounts to all customers. 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