First, we gave you access to the wholesale price of power. Now, we’re bringing you a better way to pay for it! (#winning)
Introducing Volt by Flick, a clever budgeting tool designed in-house (by our cool computer friends) to help you budget and save a little for those times when power bills move upwards. Just what our Flicksters have been asking for!
So, let’s get into the nitty-gritty.
What is Volt?
Volt is a tool tucked inside your Flick app and on your dashboard. It lets you choose a regular dollar amount to pay to Flick each week so that you can build up credit on your account that’s only used when your bills reach a certain amount, chosen by you.
By paying slightly more than your typical weekly bill, you’ll be stashing money away in your Volt so that when you have a bill that’s higher than normal you can automatically dip into your Volt to help pay for it. And because you’re paying a regular amount on a regular basis (with our weekly billing!), it’s nice and easy to manage your weekly budget.
We’ve really aimed to make Volt as user-friendly as possible. As we mentioned above, it’s easy to set-up in your Flick app, and you can see when you’ve added to it, and when it’s been used.
How do I use it?
To set up your Volt, you simply need to choose a Regular Payment and a Volt Trigger amount.
The Regular Payment is the amount you’ll be paying on a weekly basis, and should ideally be 20% higher than your typical weekly bill. Any money that’s left over from your payment amount – once it’s covered your weekly bill – will be put into your Volt.
The Volt Trigger is a threshold that will notify us to take money from your Volt. So, when you get a bill higher than this amount, we’ll use your Volt to pay anything over the Trigger. We’d recommend setting this at double your typical weekly bill, so that you’re more likely to have credit tucked away for when you need it most.
This is how Volt works for a customer whose weekly bills are usually around $30:
They’ve set a regular payment amount of $36, and a Volt trigger amount of $60. They get a bill that is $32, so they pay $36, with $4 going into their Volt. Make sense?
One more just to make sure: they get a bill that is $68, so they pay $60, with $8 coming from their Volt.
Remember, though, this is just a guide. You can set your Regular Payment and Volt Trigger wherever you like, and change them whenever you like! You have complete control. You can read more about how Flicksters are using Volt on our website.
What happens if my bill is higher than my Volt trigger, and I don’t have enough in there to cover it?
In this situation, the amount up to your Volt trigger will be deducted from your bank account or credit card, and your Volt will be emptied. Any outstanding balance will be deducted from your bank account or credit card.
How do I get my money back?
If you want to request a refund of the credit in your Volt, call one of the friendly Flickers in our Cool Centre on 0800 435 425 or flick us an email at email@example.com. We’ll check out your debt balance, the timing of upcoming bills and how much is in there, and make a plan with you to get it sorted. Check out the Terms & Conditions of Volt for more details.
How long do I have to lock in my Volt for?
You don’t have to lock it in! Like everything with us, you have control. That means you can open, pause or close your Volt at any time. And you can change your Regular Payments and Volt Trigger from week to week easily in your app. You’re the boss!
We created Volt as a win-win for Kiwis: you get the benefits of wholesale pricing, with the surety of regular payment amounts and a growing stash of money in your Volt.
We hope that this clever combination of access to spot prices plus a handy wee budgeting and savings tool will help some families manage their power bills during tougher times. We’d love your feedback, so let us know what you think of Volt!