§ 38. Budget or levelized payment plans; quarterly billing. 1. Every utility corporation or municipality shall offer residential customers a budget billing plan or levelized payment plan for payment of charges for gas or electric service. Any such plans shall also be offered to customers who are condominium associations or cooperative housing corporations regardless of whether such associations or corporations are classified as residential or commercial customers.

2. Every utility corporation or municipality shall offer residential customers who are sixty-two years of age or older, as an alternative to monthly billing, a plan for payment on a quarterly basis of charges for gas and electric service rendered by such corporation or municipality, provided that such customer's average annual billing is not more than one hundred fifty dollars.

3. The commission may establish such terms and conditions for plans required under this section as it deems necessary or proper.