PG&E Launches $50M Customer Bill Assistance Program

PG&E Corporation (NYSE:PCG) is one of the most undervalued large cap stocks to buy according to analysts. On July 1, PG&E announced a commitment of $50 million towards new and existing financial assistance programs for helping eligible customers manage past-due energy bills. The initiative includes the launch of the new PG&E Match My Payment Program and continued support through the existing PG&E Relief for Energy Assistance through Community Help/REACH program.

The new PG&E Match My Payment Program offers a dollar-for-dollar match, up to $1,000, for qualifying low-to-moderate-income customers to pay down their outstanding balances and prevent service disconnections. Customers can receive matching payments for multiple bill payments throughout the year, up to the $1,000 maximum, and the program is scheduled to run until December 31 this year.

Brightly-lit nighttime view of an electricity power grid with distribution lines and transmission substations.

To be eligible, customers must have a minimum past-due balance of $100 and pay at least $50 towards it each time to receive matching funds. Eligibility is based on federal income guidelines, with a family of four making less than $128,600 annually potentially qualifying, which is an increase from the $62,400 limit for the same family size under the REACH program. PG&E estimates that ~400,000 customers may qualify for this program, with funding distributed on a first-come, first-served basis.

PG&E Corporation (NYSE:PCG), through its subsidiary, Pacific Gas and Electric Company, sells and delivers electricity and natural gas to customers in northern and central California, the US.

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Disclosure: None. This article is originally published at Insider Monkey.