Toronto: The Ontario government is launching a new Ultra-Low Overnight price plan as part of its plan to provide consumers with more ways to keep costs down, save money and take control of their energy bills.
Todd Smith, Minister of Energy said that starting May 1 customers can opt-in to the new ultra-low electricity price plan which could save them up to $90 per year, while at the same time making our grid more efficient, helping to reduce costs for all ratepayers.
The new electricity pricing structure is a third option for electricity customers, in addition to the existing Time-of-Use (TOU) and Tiered plans. Customers that use more electricity at night, including shift workers and those that electrically heat their home or charge their electric vehicle, could save up to $90 per year by shifting demand to the ultra-low overnight rate period when province-wide electricity demand is lower, the Ontario government said in a statement.
The new ultra-low overnight rate, set by the Ontario Energy Board, will be 2.4 cents per kilowatt-hour (kWh), which is 67 per cent lower than the current off-peak rate, in exchange for a higher on-peak rate.
The new optional Ultra-Low Overnight price plan provides:
Ultra-low overnight rate of 2.4 cents per kWh: everyday 11 p.m.-7 a.m.
Mid-peak rates of 10.2 cents per kWh: weekdays 7 a.m.-4 p.m. and 9 p.m.-11 p.m.
On-peak rates of 24.0 cents per kWh: weekdays 4 p.m.-9 p.m.
Weekend off-peak rates of 7.4 cents per kWh: weekends and statutory holidays 7 a.m.-11 p.m.