Traditionally the rebate is paid annually in November. However, based on feedback and with the ability to pay directly into bank accounts, trustees have decided to pay the rebate out in two instalments from 2020; 50% in July and 50% in November.
With two rebate payments in 2020, there will in turn be two eligibility periods.
- For the July 2020 rebate, the eligibility period will be 1 October 2019 – 31 March 2020.
- For the November 2020 rebate, the eligibility period will be 1 April 2020 – 30 September 2020.
Why are we making this change?
This year we implemented a new rebate payment approach giving TECT beneficiaries* the option to receive their rebate direct into their bank account. Given the success and positive feedback from this approach, the trustees have made the decision to implement this approach permanently. This now provides us with the opportunity to make two payments per year.
We also listened to your feedback on the timing of payments and recognise that there are a number of advantages to having two rebate payments per year. These include:
- Eligible beneficiaries will receive 50% of their annual rebate earlier (paid out in July).
- Beneficiaries who have a change in living circumstances (and therefore would usually become ineligible for the full rebate) could still receive 50% of the rebate.
- Feedback received after the special rebate this year showed many beneficiaries appreciated having a rebate in the middle of the year to help with winter power bills.
How much will the rebates be?
It’s too soon to confirm the amount, however the annual distribution plan that will be published in early 2020 will outline the proposed rebate amounts for 2020.
The rebates will be paid via your chosen payment method; either direct into your bank account, credited to your power account, or gifted to the Acorn Foundation Vital Impact Fund. Learn more about the rebate payment options here.
To be eligible for the rebate, beneficiaries must be a Trustpower power customer with an active power account in the same name, basically in the Tauranga City or Western Bay of Plenty region, during the eligibility period. Parts of Waihi Beach are excluded from the TECT district. 106 Seaforth Rd - Bowentown end is included in TECT's district. 104 Seaforth Rd - Waihi beach is excluded.
* You are a TECT beneficiary if you have a Trustpower power account in TECT's district (basically the Tauranga City or Western Bay of Plenty region).