Last Wednesday, Hydro One announced the launch of its new ultra-low overnight electricity price plan, as required by the Province.
Utilities in Ontario have until November 1st of this year to offer an ultra-low overnight rate.
The plan is designed for customers who use more electricity at night when province-wide electricity demand is lower, from 11:00 p.m. to 7:00 a.m., such as those who charge their electric vehicle. Hydro One is providing an online calculator to help customers choose which pricing plan best suits their lifestyle.
Set by the Ontario Energy Board, the rate will be 2.4 cents per kilowatt-hour (kWh), which is 67 per cent lower than the current off-peak rate, this is countered however with a higher on-peak rate.
Electricity price plan options
- New Ultra-Low Overnight price plan (ULO): Designed for customers who use more electricity at night, such as those who charge their electric vehicle, this new price plan can help customers keep costs down and take control of their electricity bill by shifting usage to the ultra-low overnight price period when province-wide electricity demand is lower.
- This plan has four price periods that are the same in the summer as they are in the winter and includes an ultra-low overnight rate.
- Time-of-Use price plan (TOU): TOU provides customers with more control over their electricity bill by adjusting their usage habits. This plan has three periods: on-peak, when energy demand and cost is high, mid-peak, when energy demand and cost is moderate, and off-peak, when energy demand and cost is low.
- In this plan, electricity prices change throughout each weekday, when demand is on-peak.
- Tiered price plan (RPP): Tiered pricing provides customers with the flexibility to use electricity at any time of day at the same low price up until the threshold is exceeded during the month, after that usage is charged at a higher price.
- For residential customers, the winter period (November 1 – April 30) threshold is 1,000 kWh per month and the summer period (May 1 – October 31) threshold is 600 kWh per month. For small business customers, the threshold is 750 kWh throughout the year.
For more information, please visit www.HydroOne.com/ULO.
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Put your electric hot water heater on a timer and save. EH40 at HD. Heating only at 2.4 cents per kWh is cheaper than natural gas to operate so NG water heaters would be obsolete in Ontario. Just make sure you have enough hot water stored in tank for your typical morning usage. Turn off the breaker at 7 am to simulate and see first. Make sure you turn it back on later.
Program your hot tub to only heat during low cost times of day and avoid the high cost times.
EV charging at 2.4 cents means less than $100/year to run an EV instead of $100 for gas every week or two.
You just have to make sure and avoid the high cost times of day most of the time.
Also figure out the savings including the delivery charge and the rebate.
A toaster oven uses around 1/4 the energy as a regular oven. Much faster to heat up.
BBQs or those with gas for cooking is no problem.