Electricity on the Korean economy

Okay... summer has been here for more than a month now.  I can tell not by the month but because of  my huge electricity bill.  Paying for utilities on the economy is expensive. Even if you don't run your AC every day.  If you are not very, very careful then you will easily exceed your utility allowance during the summer months.  I don't know how it is during the winter months yet so I can't say. 

There is a way to track your utility usage in your own apartment. If you have any questions send me an email and I will try and help you sort it out. 

Here is a break down for the power usage and the price in Won.   Please keep in mind the price has gone up 2% since I recieved this information. 

New and Upcoming Price Hikes

This is an exerpt from an article from one of my favorite sites Korea4expats.com that I found very informative and I wanted to share the information.  To read the full article click HERE.
"Consumers all across Korea will see an increase in their utility bills in August. On Friday 30 July, the government approved an increase in both electricity and gas rates – an average of 3.5% and 4.9% respectively. The electricity rate hike took effect right away, on Sunday August 1st, but the natural gas will stay the same until September 1st. Water rates will apparently stay the same.

OHA

This is an idea of what your OHA will be like. This is just a guideline so you have an idea of what you will be getting. Finance will help you with the actual amounts. You can also go to this OHA calculator.

Allowances (Effective: 20100101)

OHA Rental Allowance
1880000.00 SOUTH KOREAN WON = $ 1723.63

Utility/Recurring Maintenance/Misc. Allowance
740498.00 SOUTH KOREAN WON = $ 678.91

Move In Housing Allowance (MIHA)
393704.00 SOUTH KOREAN WON = $ 360.96

The MIHA is a one time allowance for expenses incurred while setting up your apartment. For instance we had to have a washer and dryer hooked up in our apartment. This amount more than covered it. The rest of the money I used to purchase curtain rods.

The Utility allowance is for you to use to pay for your utility bills. If your bills exceed the amount you're allotted then you will have to pay out of pocket for the difference. However, if your utility bill is lower then you can just keep the extra.

The rent allowance is simple. The rent goes directly to the landlord. You don't keep any difference.