$500K in Electricity Overcharges Refunded to FirstService Residential Clients
Challenge: FS Energy assisted FirstService Residential by auditing the electricity supply contract with an energy service company (ESCO) for 53 properties under management as it suspected the bills were too high.
Solution: Our review determined that billing for several months was higher than called for in the contract because the ESCO was estimating usage for part of each month, with the intention of reconciling the difference at the end of the contract term. We persuaded the ESCO to calculate and refund the overbilled amount immediately rather than wait.
Savings: FirstService Residential clients received a refund check for over $500,000, including interest. We then presented alternative energy options to management and a decision was made to move these accounts to a more attractive fixed-price product.