The announcement by Trustpower in January 2021 that it was selling its retail arm required TECT to restructure and amend its Consumer Trust Deed to reflect this significant change. The restructure of TECT was completed on 23 February 2022 and future-proofed the rebates for eligible Beneficiaries. The rebates will be distributed by the TECT Consumer Trust until 2050, when the trust will wind up.
Read more about the 2021 restructure of TECT here.
How much are the rebates?
Rebates are paid per eligible ICP (power connection) for qualifying beneficiaries. The rebates are paid in two instalments each year – currently this is $250 paid in July and $250 paid in December.
Annual rebate amounts are:
- $500 for each annual period to 31 December 2030
- $600 for each annual period thereafter to 31 December 2040
- $700 for each annual period thereafter to 31 December 2050
When are the rebates paid?
The rebates are paid in two instalments, the first in July and the second in December each year.
Who is eligible for the rebate?
To be eligible to receive the TECT rebate, you must meet the following criteria:
- Have been a Trustpower customer, with an active power account in the TECT district*, on the 28th of January 2021.
- Have an active power account in the same name with Trustpower/Mercury, in the TECT district*, during the eligibility periods.
- For the July rebate, the eligibility period is from 1 October the previous year continuously through to 31 March.
- For the December rebate, the eligibility period is from 1 April continuously through to 30 September.
- If you move properties during the qualifying periods, there must be less than 30 days between finalising one account and re-registering with one of the above retailers into the new property.
- If you switch to another power company (that is not Trustpower or Mercury), you cease to be eligible for future rebates unless you return to one of the listed retailers within 18 months from the date you switched.
*The TECT District is basically the Tauranga City and Western Bay of Plenty region. 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.
How are the rebates paid?
The rebates are 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
The portal to select your rebate payment option for the July 2022 rebate is now open. If you have not already made your selection, you have until June 2022 to select your rebate payment option. To do so, go to www.trustpower.co.nz/tect and log into your MyAccount, or call Trustpower on 0800 87 87 87. Read more about the rebate payment options here.
* If you close your power account while any rebate payments (or part of any rebate payments) remain as credit on your account, and if Trustpower is unable to contact you about the credit, that credit will be returned to TECT 12 months after the date the credit was applied to your account.