As part of its strategy to provide consumers with additional options for cutting costs, saving money, and taking control of their energy bills, the government of Ontario is introducing a brand-new Ultra-Low Overnight price plan. This 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 beginning on May 1, 2023. All utilities are required to provide it to customers within a period of six months.
“Our administration has returned families to control of their energy bills, and the new Super Low For the time being value plan will give families and independent companies who utilize greater power for the time being more ways of saving” said Todd Smith, Pastor of Energy. ” Customers can sign up for the new ultra-low electricity price plan starting on May 1, which could save them up to $90 per year and make our grid more efficient, lowering costs for all ratepayers.
In addition to the Time-of-Use (TOU) and Tiered plans, the new electricity pricing structure offers customers a third option. Shifting demand to the ultra-low overnight rate period, when provincial electricity demand is lower, could save up to $90 per year for customers who use more electricity at night, such as shift workers and those who use electricity to heat their homes or charge electric vehicles.
In exchange for a higher on-peak rate, the Ontario Energy Board has established a new ultra-low overnight rate of 2.4 cents per kilowatt-hour (kWh), which is 67% lower than the current off-peak rate.
Because Ontario continues to have excess clean electricity during the overnight hours, it is possible to deliver this new ultra-low overnight rate. By shifting electricity use during these hours, the province will be able to use Ontario’s clean electricity grid more effectively, which will improve grid efficiency. This could save the electricity system up to $5.7 million annually in capacity costs, which would help cut costs for all ratepayers in Ontario.
Minister of Environment, Conservation, and Parks David Piccini stated, “By making better use of the province’s clean grid, our government is taking further action to keep electricity affordable in Ontario.” It’s good news for Ontarians and the environment that more options for smart electricity use are available.
While investing in a clean and dependable energy system throughout the province, the government of Ontario will continue to provide relief from electricity costs for individuals and businesses alike as the demand for electricity continues to rise.
“As an ever increasing number of individuals across the area start to utilize EVs, the Super Low For the time being cost plan will make it simpler and more affordable to charge their vehicles at night,” said Vic Fedeli, Clergyman of Financial Turn of events, Occupation Creation and Exchange. ” The end-to-end EV supply chain in Ontario is being strengthened, ensuring that the cars of the future are built right here in Ontario by Ontario workers.
