Effective November 1st the previous Time-of-Use pricing comes into effect in Ontario. What does this mean? The reprieve of constant “off-peak” pricing will come to an end on October 31 and your billing will continue with Time-of-Use pricing. However, the Ontario Energy Board allows for you to make a choice. You can choose to continue using Time-of-Use Rates, which are outlined below, or you can take advantage of Tiered Rates, which might end up saving you money each month.
Time-of-Use rates as of November 1, 2020:
Off Peak: 10.5¢ Mid-Peak: 15.0¢ On-Peak: 21.7¢
You pay a rate of 12.6¢ for all electricity up to a certain amount of kWh (1000 kWh in the Winter Months). Beyond 1000 kWh you pay the amount of 14.6¢ for each kWh.
When you factor out your usage amount for a typical month (using your online account from your utility provider), you can determine how much you would save. The Ontario Energy Board provides a trusty calculator that will take the rates from your utility company and help you determine which would be more cost effective for you. One client told me that by switching to Tiered Rates, they would save $65.97 in one year. I know it does not sound like much, but over the cost of a year, depending on your electricity usage, it might make a larger impact.
Check out the calculator on the OEB website here.
Take the time to review the pricing structure that would work for you. The Ontario Energy Board website provides a lot of good information in regard to what each program offers and how it effects you as a homeowner or a small business owner. As of October 13, 2020, your utility company must provide an election method to switch the billing rate type. They must complete the switch within 10 business days of receiving the election form or explain to you why they could not complete your request.