Ontario reducing electricity rates for three weeks starting this month
Ontario announced that it would be reducing electricity rates in the province in an effort to help businesses and residents through another lockdown.
The province introduced new lockdown measures on January 5, and they will remain in place for at least three weeks. Beginning January 18, electricity rates in the province will be reduced to off-peak rates 24 hours a day for 21 days.
“Electricity prices will be set 24 hours a day at the current off-peak rate of 8.2 cents per kilowatt-hour, which is less than half the cost of the current on-peak rate,” a statement from the province reads.
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The off-peak rates will automatically apply to small businesses, residents and farms that pay regulated rates set by the Ontario Energy Board. This applies to both those with tiered and time-of-use plans.
The province also announced additional supports for small businesses on Friday. The Ontario COVID-19 Small Business Relief Grant will allow businesses that have had to close to access up to $10,000 in support. Applications for the grant have not opened yet; the province said they will open “in the coming weeks.” Check here for eligibility.
Online applications for the province’s Ontario Business Costs Rebate Program will open on January 18.
“This program will provide eligible businesses that are required to close or reduce capacity with rebate payments for up to 100 percent of the property tax and energy costs they incur while subject to public health measures in response to the Omicron variant,” the province said in a statement.