How to Setup Budget or Payment Plan
A budget plan allows you to better manage and plan for winter heating costs by spreading these costs over a 10-month period (July - April) with level payments. Eastern will analyze last year's usage and associated costs to arrive at a budget amount for this year. Please keep in mind that this is an estimate. Significant changes to consumption or fuel prices can impact the outcome of your budget.
Budget plans begin in July so it is necessary that you please Contact Us to set up a new budget during the months of May and June. Established budgets that end the previous season with a 0 balance as of April 30th, will have the months of May & June "off" or without payment. These accounts are analyzed during May & June by Eastern to determine if adjustments need to be made to next year's amount because of changes in consumption or dollars spent the previous season. If this is the case, the new budget amount will appear on your first invoice in July.
Regardless, established budgets will automatically renew in July - you do not need to call us unless you wish to cancel. If you cancel your budget at any time during the year, it will not automatically renew the following July.
Every budget account must begin the season in July with a 0 balance. Statements are issued on the first of each month beginning in July. Payment is due on the 15th of each month. If we anticipate that, as a result of these changes, your current budget payment amount may be insufficient to cover your costs for the remainder of the season, we will recommend a new budget amount. This new amount will apply to your remaining payments in order to get you closer to a 0 balance on your account by April 30th. This is only a recommendation. If you choose not to accept it, please notify us. Any remaining balance after April 30th could be significant and will be due in 30 days. In some cases this balance may be due before a new delivery can be released.
Every budget account must begin the season in July with a 0 balance. Statements are issued on the first of each month beginning in July. Payment is due on the 15th of each month to receive your cash price. It is important to note that the Budget Plan has no other impact on price - you are not "locked in" unless you establish a Pre-Buy budget. There will be times when you carry an actual negative balance and there will be times when you carry an actual credit balance. This is normal and ok as long as all budget payments are made on time for the proper amount. Habitual late payments under the budget plan could result in cancellation. An added benefit to the budget plan is that Eastern will pay 5% apr earned credit on all budget accounts with a credit balance.
If you wish to establish a budget plan with Eastern, please Contact Us during May or June to initiate this request. The reason for this window is that it is only after the heating season has ended that we can accurately estimate a budget amount for the coming year.
Customers wishing to make payment arrangements on an existing balance outside of the budget program should contact our Credit Department at 800-470-4445 ext. 1600.
To lock in your price and budget your payments for fuel oil this season, please visit our page on Pre-Buy for more information.
