All utilities will be required to offer plan within the next six months
The Ontario government is launching a new Ultra-Low Overnight price plan.
Starting May 1st, customers of Toronto Hydro, London Hydro, London Hydro, Centre Wellington Hydro, Hearst Power, Renfrew Hydro, Wasaga Distribution, and Sioux Lookout Hydro can opt in to the plan.
All utilities will be required to offer the plan within six months.
"Our government has put families back in control of their energy bills, and the new Ultra-Low Overnight price plan will give families and small businesses who use more electricity overnight more ways to save," said Todd Smith, Minister of Energy. "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 pricing structure will offer customers a third option, in addition to the existing Time-of-Use and Tiered plans.
According to the province, customers that use more electricity at night, including shift workers or anyone who electrically heats their home or charges their electric vehicle, could save up to $90 a year.
The new ultra-low overnight plan provides the following:
- 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.
Families and small business can use the Ontario Energy Board's Bill Calculator to determine which plan best suits their lifestyle.
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