April 11, 2023 at 11:09 am
Londoners who use their dishwashers or charge their electric cars overnight will soon be able to opt-in to a new electricity tariff scheme that will save them almost $100 a year.
The Ontario government announced Tuesday a new ultra-low overnight electricity rate program for customers of London Hydro, Toronto Hydro, Wellington Central Hydro, Hearst Power, Renfrew Hydro, Wasaga Distribution and Sioux Lookout Hydro.
Energy Secretary Todd Smith said in a statement: “Our government has put households back in control of their energy bills and the new ultra-low overnight price scheme will give households and small businesses who use more electricity at night more ways to save. “Beginning May 1, customers can opt-in to a new ultra-low electricity rate program that will save them up to $90 a year while improving the efficiency of our grid and helping reduce costs for all taxpayers.”
Under the new optional plan, nighttime usage rates will drop to 2.4 cents per kWh between 11pm and 7am each day, while peak rates will jump on weekdays between 4pm and 9pm to 24 cents per kWh Mid-peak electricity rates are 10.2 cents per kWh on weekdays from 7 am to 4 pm and 9 pm to 11 pm, and off-peak rates are 10.2 cents per kWh on weekends from 7 am to 11 pm 7.4 cents per kWh
This new optional pricing structure is the third offered by the province. Two other existing plans are the timeshare plan and the tiered plan. According to provincial officials, the new option will help reduce emissions because nighttime electricity typically comes from clean, zero-emission sources such as nuclear, hydro and wind. It will also increase grid efficiency and potentially save up to $5.7 million in annual capacity costs, helping reduce costs for all Ontario taxpayers, the province said.
“London Hydro is delighted to introduce ultra-low overnight rates to help local customers reduce the cost of charging their electric vehicles at home,” said Vinay Sharma, chief executive of London Hydro. Choice for low-rate plans and adoption of electric vehicles across Ontario.”
The overnight electricity rate scheme has been touted as ideal for shift workers and those who use electricity to heat their homes or charge their electric cars.Homes and businesses can use the Ontario Energy Commission’s bill calculator Help determine if switching to a new rate plan will save them energy bills.