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October 5, 2020 •Steven Kulzer
Imagine this: You’re a large utility in the South with over 2.6 million customers. You focus deeply on engaging these customers, providing them with exceptional service and keeping rates below the national average. In fact, you’ve done so well that you’ve ranked #1 in customer satisfaction by JD Power for the last three years in a row.
But now, you’ve hit a roadblock. You want to maintain your shining reputation for meeting customers’ needs and providing top-notch service, but you also need to generate new revenue and further increase the regard customers hold for your utility. Where do you turn?
If you’re Georgia Power, the utility serving customers in 155 of the state’s 159 counties, you turn to Franklin Energy to implement your SurgeDefender™ program.
The SurgeDefender™ program is a unique one. Its goal is to protect customers’ homes from electric surges coming from the local electric system. By utilizing a meter-based device, the program drastically reduces the damaging impacts caused by surges to a home’s refrigerator, dishwasher, air conditioner and more appliances. The utility even offers protection and compensation for damaged equipment, providing peace of mind for customers in the most severe storms.
That all sounds nice in theory, but does a program that unique actually work? We’ll let the numbers speak for themselves.
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23,000 customers; 25,000+ installations; $2M annual revenue; Exceeded annual goals the first 3 years of program
Through this program, the utility has created a steady revenue-generating stream by charging customers $9.95 per month on their electric bill to participate in the program. In just the first three years of the program, over 23,000 customers have enrolled. They’re thrilled with the extra protection offered by their utility, and they don’t mind paying extra to receive it. As of 2020, SurgeDefender™ is on track to generate more than $2,700,000 in revenue.
The numbers don’t stop there, either. With the combination of satisfied customers regularly remaining enrolled in the surge program for years to come, and post-enrollment service and claim rates of .1% and .02% respectively, the program is projected to consistently generate significant revenue for years to come. In fact, surge-protection programs typically provide ROI’s of more than 250%.
A well-executed surge-protection program does more for a utility than boost its bottom line—although make no mistake, that’s a definite benefit. It also demonstrates a utility’s care for its customers and commitment to their wellbeing. It’s impossible to put a price on peace of mind, but significant participation rates demonstrate customers’ willingness to work with their utility to keep their appliances safe and operational.
If your utility could benefit from a revenue boost, monthly revenue stream and increased customer engagement, Franklin Energy is ready to lend our expertise and do all the heavy lifting to implement your surge-protection program.
Download our full SurgeDefender™ case study to learn more details about the program, how it works and its secrets to success.