During the advance of the COVID-19, there is a period that the electricity rate was fixed at 12.8 cents per kilowatt-hour (kWh) no matter what time of the day. However, this discounted period has ended recently. Starting from Nov 1, we have two options: Time-Of-Use Pricing or Tiered Pricing.
Time-Of-Use Pricing – Customers are billed differently for peak, mid-peak, and off-peak hours, i.e. 21.7 cents per kWh during peak hours, 15 cents during mid-peak hours, and 10.5 cents during off-peak hours. Peaks hours are from 7 am to 11 am and 5 pm to 7 pm on weekdays. Mid-peak hours are from 11 am to 5 pm on weekdays. Off-peak hours are from 7 pm to 7 am on weekdays and all day Saturday and Sunday.
Tiered Pricing – Customers are billed at 12.6 cents per kWh for up to 1000 kWh in winter, and a 14.6 cents per kWh for any amount above 1000 kWh. Rates might change for summer.
Which one can save you more money? You don’t have to guess or use mental arithmetic to make your decision. Toronto Hydro website (https://www.torontohydro.com) can give you a price comparison and even allow you to switch your options online. Create an account, sign in, and select “Choose your price plan”, you would get instant price comparisons data based on your bill. In our case, the Tiered pricing does much matter for both Winter and Summer periods.
Kudos to their IT department for putting efforts to design such a useful feature!
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