To avoid shocks in your personal finances, you can also adopt Hydro-Québec’s Equal Payment Method (MVE). Here are some explanations.
Quebec electricity is not immune to inflation. For example, Hydro-Québec’s Rate D (residential) is up 3% since early April.
For a 4 1/2 apartment, the average monthly increase is $2.28. For a 111-square-foot house, it’s $4.27. For another 158 square meters (1700 square feet), we’re talking about $6.97.
But the reality in Quebec is that winter electricity bills are higher. Hence the benefit of the MVE service, offered with no interest or management fees. It allows you to set a fixed monthly payment over 12 months. Handy for budgeting.
Therefore, Hydro-Québec examines the history of electricity consumption for the last 11 months at your address and the temperature recorded for the same period in your region before terminating your MVE.
For new builds, the state company estimates future consumption based on the capacity of the electrical installation.
Annual adjustment
Before enrolling in the MVE, you must reduce your Hydro Quebec balance to zero. After registration, you pay a predetermined monthly payment until the adjustment period, which runs from July to October. Your MVE for the following year will be adjusted based on your actual consumption for the past year.
Adaptation varies from year to year, particularly with temperature. The colder it is outside, the more energy you use to heat your home. Adding or leaving a family member (more water or rooms to be heated), a spa or an electric vehicle makes a difference.
Therefore, during the adjustment period, if your consumption increased during the previous winter, your MVE could increase. But it could also fall off (that was the case for me at least once).
The increase is then incorporated into the MVE and spread over the following 12 months. The loan is also invested over a certain number of months. Thanks to an e-mail notification service, a possible increase can be prevented. A consumer can also adjust their monthly payment themselves on the government body’s website.
If you wish to end the MVE (you can do this at any time) or if you move house and the utility bill at your next address is no longer in your name, you must reduce your balance to zero, regardless of the amount.
ADVICE
A great way to lower your electricity bill: install a heat pump. The resulting savings, despite the upfront and installation costs, would benefit a very large proportion of homeowners, as they can claim a subsidy of up to $2,800. In Quebec, heating accounts for 54% of annual electricity bills. Hydro-Québec offers tips and information here: bit.ly/415e1zG.
Also save thanks to Dynamic Pricing: you will receive an email at 5 p.m. the day before periods of very high consumption (in winter) and reduce yours by postponing the shower or lowering the temperature, for example. More information: bit.ly/3o6TkVx.
Additional MVE info: bit.ly/405GFj5.
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