The Ontario Energy Board (OEB) has announced that residential and small business customers that pay Time-of-Use (TOU) electricity prices can now choose to switch to Tiered prices.
With TOU, the price customers pay depends on when you use electricity. With Tiered prices, you can use a certain amount of electricity each month at a lower price. Once that limit is exceeded, a higher price applies.
Since June 1, 2020, customers on TOU have been paying a fixed electricity price of 12.8 cents/kWh for all hours of the day as part of the government’s response to the COVID-19 pandemic. This fixed price ends of October 31st, 2020 when new winter TOU prices are applied.
Customers who are considering a switch should take into consideration things like usage and consumption patterns, seasonal changes and time of year, and lifestyle and daily habits. To help your decision, you can use your own electricity usage information from your bill to try out the Ontario Energy Board (OEB) online calculator at www.oeb.ca/calculator.
If customers want to continue paying TOU prices, no action is required.
If customers decide to make the switch to Tiered pricing, you can do so at anytime and it will be applied to your next billing cycle. Customers can also switch back to TOU if they feel the tiered rates were not the best choice for them.
To make the switch, PUC customers can visit www.ssmpuc.com/electricitypriceplan to download and send in the election form.