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New cheap electricity rate for overnight users

If you work all night or own an EV this new price schedule by the Ontario Government might be helpful. The Ontario government is launching a new Ultra-Low Overnight price Starting May 1, 2023, customers of Toronto Hydro, London Hydro, Centre Wellington Hydro, Hearst Power, Renfrew Hydro, Wasaga Distribution, and Sioux Lookout Hydro can opt-in to this new optional electricity price plan, with all utilities presumably including Alectra. required to offer it to customers within six months.

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 electricity pricing structure is a third option for electricity customers, in addition to the existing Time-of-Use (TOU) and Tiered plans. Customers that use more electricity at night, including shift workers and those that 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.

The new ultra-low overnight rate, set by the Ontario Energy Board, will be 2.4 cents per kilowatt-hour (kWh), which is 67 per cent lower than the current off-peak rate, in exchange for a higher on-peak rate.

“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,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Ontario continues to strengthen our province’s end-to-end EV supply chain, ensuring that the cars of the future are build right in Ontario by Ontario workers.”

Current hydro rates

The new optional Ultra-Low Overnight price plan provides:

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.

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