Indiana Michigan Power (I&M) serves 587,000 customers across Indiana and Michigan. It is a subsidiary of American Electric Power (AEP), one of the largest electric utilities in the US.
Check out these helpful payment tricks!
Don’t you hate it when you get charged an extra “convenience fee” for making a payment?! I know I do. Indiana Michigan Power customers are charged an extra $2.95 by BillMatrix whenever they pay by debit or credit card (or over the phone by any method). You can avoid extra fees by paying in person, by mail or online using a bank account.
Average Monthly Payment Plan averages your total annual usage over 12 averaged monthly payments. You need to have at least 12 months of billing history with the company before you begin this program. Every month, the payments are updated to reflect the new month’s actual usage and the oldest month is no longer considered. This prevents the need for a settlement month (like the one that led to our crazy $3,000 power bill in 2017!) unless you terminate your AMP plan or fail to make two consecutive payments.
Equal Payment Plan is similar to AMP but does not update each month to reflect actual usage. Instead, your estimated usage is averaged and a settlement month will occur at the end of the year.
If you’re a new Indiana Michigan Power customer, you may be able to skip the deposit by providing a Letter of Credit from a previous utility company.
Select the right rate plan for your household.
The Standard plan includes an $8 per month basic service charge and a slightly higher charge for the first 500 kWh consumed.
If you can avoid using electricity during certain times of day, you may benefit from enrolling in the Time of Day plan. This plan charges a significantly lower cost per kWh during off-peak hours. However, the on-peak rate is much higher and the basic service charge is also higher. Since on-peak hours are between 7am and 9pm on weekdays, you will need to consume very little power during those times to save money
Get discounts on your Indiana Michigan Power bill!
Enroll in the Residential Peak Reduction Program and get up to $40 in credits per summer! When you enroll in this program, Indiana Michigan Power will install a power switch on your central electric cooling units that allows them to switch the equipment on and off at certain times. This allows the company to cycle, the device, or periodically turn it on and off, to reduce the energy demand without significantly altering the temperature of your home. There are many restrictions regarding how the company can do this. For example, they can only do it 15 times per year, no more than 6 hours per day, only during 12pm and 8pm, etc. In exchange, you’ll receive $8 off your monthly bill between May and September (up to $40 annually). You must commit to stay on the program for a whole year when you sign up.
Save money on your Indiana Michigan Power bill every month!
Spend 15 minutes with the Online Energy Checkup and you’ll get detailed information about your home energy use and customized energy-saving tips! You’ll also receive a box of FREE products, including energy-efficient lightbulbs, LED nightlights and other energy savers!
The states also offer a Low Income Weatherization Program that can provide thousands of dollars in FREE home improvement upgrades to low income residents. This program can save you some serious money on your monthly power bills! To qualify, your income must be equal or less than 200% of the Federal Poverty Guideline. For more information, click here for Indiana or click here for Michigan.
Indiana Michigan Power also provides an in-home energy checkup and weatherization service. This program provides a 2-4 hour home visit by a technician who will thoroughly inspect your home’s weatherization and energy-efficiency. This $175 service is available FREE to customers with electric heat. I&M will also pay up to 50% of the cost of recommended upgrades!
Check out a Kill-a-Watt EZ Meter from your local library so you can measure the power consumption of certain appliances. You can also use the lighting calculator and appliance calculator to identify helpful ways to save!
Of course, there are some basic things everyone can do to save money on their bills. Click here to see the ultimate guide to saving electricity!
Get help with your Indiana Michigan Power bill!
Indiana Michigan Power offers several payment arrangement options, including a one-time payment extension, extended payment agreement and various payment assistance programs. Unfortunately, you must log in to see the details for these arrangements so I wasn’t able to acquire any additional details.
Get assistance from the Dollar Energy Fund! These hardship funds are administered by local community agencies who determine eligibility. Find yours here!
Both states also offer a Low Income Home Energy Assistance Program (LIHEAP) program, which provides additional assistance to low income Indiana and Michigan residents. To qualify for these funds, you must have an income that is equal to or less than 135% of the federal poverty guideline. Click here for more information about Indiana or click here for more information about Michigan.
Don’t forget these other cool programs!
Get cash for recycling old appliances! If you have an old, working refrigerator or freezer, you can get cash back for recycling them! Indiana Michigan Power will pay $40 per old appliance picked up. You’ll also save up to $150 per year in energy costs!
Get rebates for purchasing and installing more energy-efficient appliances and lighting!