Save up to $90 a year on your Electric Bill with Ontario’s New Ultra-Low Overnight Price Plan

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CANADIAN MONEY

THUNDER BAY – Starting May 1, 2023, Ontario’s government will launch a new Ultra-Low Overnight price plan to help consumers keep their costs down, save money, and take control of their energy bills. The new optional electricity price plan will be available to customers of Toronto Hydro, London Hydro, Centre Wellington Hydro, Hearst Power, Renfrew Hydro, Wasaga Distribution, and Sioux Lookout Hydro.

All  the other utilities in the province required to offer it to customers within six months.

The Ultra-Low Overnight price plan is a third option for electricity customers, in addition to the existing Time-of-Use (TOU) and Tiered plans.

Customers who use more electricity at night, including shift workers and those who 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.

According to Todd Smith, Ontario’s Minister of Energy, “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.”

The new ultra-low overnight rate, set by the Ontario Energy Board, will be 2.4 cents per kilowatt-hour (kWh), which is 67% lower than the current off-peak rate, in exchange for a higher on-peak rate. The ultra-low overnight rate is possible because Ontario continues to have excess clean electricity during overnight hours. By shifting electricity use to these hours, the province can better leverage Ontario’s clean electricity grid, increasing grid efficiency, resulting in potential capacity cost savings for the electricity system of up to $5.7 million per year, helping to reduce costs for all Ontario ratepayers.

Vic Fedeli, Ontario’s Minister of Economic Development, Job Creation, and Trade, said, “As more and more people across the province begin to use EVs, the Ultra-Low Overnight price plan will make it easier and less expensive to charge their vehicles in the evening.” Ontario continues to strengthen its province’s end-to-end EV supply chain, ensuring that the cars of the future are built right in Ontario by Ontario workers.

The Ultra-Low Overnight price plan provides an ultra-low overnight rate of 2.4 cents per kWh every day from 11 p.m. to 7 a.m., mid-peak rates of 10.2 cents per kWh on weekdays from 7 a.m. to 4 p.m. and 9 p.m. to 11 p.m., on-peak rates of 24.0 cents per kWh on weekdays from 4 p.m. to 9 p.m., and weekend off-peak rates of 7.4 cents per kWh on weekends and statutory holidays from 7 a.m. to 11 p.m. This new pricing option is available to all eligible Regulated Price Plan (RPP) TOU and Tiered consumers.

Customers can use the Ontario Energy Board’s Bill Calculator to determine which electricity rate plan, Tiered, Time-of-Use, or Ultra-Low Overnight, best suits their lifestyle and will help them save money on their energy bills. The Ultra-Low Overnight price plan will help reduce emissions by encouraging the use of more nighttime electricity, which is typically generated from clean, zero-emissions resources like nuclear, hydro, and wind power.

Anthony Haines, President and CEO of Toronto Hydro, said, “Toronto Hydro is pleased to be one of the first utilities to offer the Ultra-Low Overnight price plan to its customers. This new pricing option offers customers more flexibility to help manage electricity costs by shifting high electricity-usage activities, like electric vehicle charging, away from peak times.”

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