Master Electric Contract Update
In the first six months of the contract, the Association has purchased $37,500 of power on behalf of LOBT owners. Everything is going well. More diligence from residents in paying their electric bill would be helpful.
Participation: Forty-six meters are on the Master Electric Contract with two more coming online in March. Sixty percent (60%) of owners are now participating.
Inflation-proof Rate: So far, the 5-year contract has delivered electricity for 13.67¢ per 1,000 kWh (plus tax). This is 9%-19% below the rates for a new 12, 24, or 36 month contract (15¢-16.9¢).
Our LoBT contract price will remain steady for five (5) years, subject only to small Oncor delivery rate variations which Oncor is permitted to make every six months (March and September) and which apply to all apply to all electric users in Dallas. For March 1, 2025 this fluctuation will lower the LoBT rate from 13.67¢ to 13.07¢.
Slow Repayment By Residents: The Association pays the electric bill monthly and then bills the charges out to residents. Resident pay back has been slow. For some owners, their auto-pay pay date does not sync with the electric billing cycle date. For some owners, auto-pay is only set up for assessments.
Your auto-pay must be set to pay on the 9th day of the month and to pay the full balance owed on the account. Late charges have been waived up to this point but will resume in April. If you need help confirming or changing the settings on your account, please get in touch with Sarah Johnson.
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