One-hundred thirty million Americans pay a utility bill, driving billions of dollars worth of monthly payments to the utilities that keep our electricity grid running. But, like virtually all businesses, there is a significant lag between when a utility charges their customers and when they receive payment.
Any lag time between when a utility issues a bill and when it gets paid can impact a utility company’s bottom line, as well as investments that could be made in maintaining and improving the electricity grid. The main factor standing in the way of faster utility bill payments is customer behavior. Most individuals don’t pay their utility bills right away. This white paper outlines a new model for bill payment that can simultaneously accelerate utility cash flow and improve the bill pay experience, all while advancing renewable energy production.