Gas and electricity suppliers do something similar; phone providers do it and now BoilerJuice could be doing it too… if you’d like us to.
Basically, the plan would be for you to pay for your heating oil on a monthly payment basis so you build up a ‘Tank Account’ of savings to go towards each heating oil purchase.
It’s not a direct debit scheme; instead we’d charge your debit card with the same pre-agreed amount every month. You only need to tell us your debit card details once. And if you ever want to cancel, you can – at any time.
The great thing about a Heating Oil Savings Scheme is that it means you don’t have to pay for your oil in one go. And if your tank is particularly big, it could soften the blow quite a bit!
Also it makes sense to pay a smaller amount all year round rather than a hefty sum in the depths of winter when you suddenly realise you’re running low on heating oil – especially if that happens around Christmas.
How much you pay per month would be based on your annual heating oil usage to date divided by 12 – so unless your heating oil usage has decreased dramatically, there wouldn’t be any risk of you over paying. However if, come the end of the year, we find you have overpaid you’ll get the option to carry it forward to the next year or get a rebate.
But what else would you get out of us hanging on to your cash rather than it sitting in your bank account earning interest?
Perhaps we could give you an incentive – like offering a discount on heating oil prices to thank you for agreeing to pay monthly in advance. Or maybe you’ve some other ideas on how this could best work for you.
Our new Heating Oil Savings Scheme is still very much at ‘drawing board’ stage, so we’d welcome your suggestions on (a) whether you think it’s a good idea and (b) what (if any) incentives you’d like to see to encourage you to sign up for it.
What we don’t want to do is suddenly ‘dump’ a Heating Oil Savings Scheme onto you which isn’t what you want – or which you feel could be done differently or better. So we’d welcome your suggestions.
Over to you – we’re all ears!
Update: Thank you all for your comments. Based on your answers we have set up the Boilerjuice monthly savings scheme. Comments are now closed for this post.