Money-saving changes coming for some British Columbians' energy bills
BC Hydro is now launching a new incentive allowing willing British Columbians to switch their energy use from their existing payment model to a new time-of-day rate, helping them “save money.”
The move comes after the idea was approved by the BC Utilities Commission last year. It suggests that BC Hydro customers would be able to save money by using electricity at different times of the day, essentially when other customers aren’t as active.
“With costs rising across the country due to global inflation and high interest rates, it’s more important than ever for us to keep the cost of electricity down and help British Columbians save on their energy bills,” BC’s energy minister Josie Osborne said.
“That’s why we are working with BC Hydro to provide households a new, optional time-of-day rate, providing a way to save money on their energy bills while supporting the switch to clean energy.”
BC Hydro’s release Wednesday states that the company knows the initiative won’t work for everyone, which is why it’s optional. Opting in or out is also free.
“Participating customers will receive a 5-cent discount for each kilowatt hour of electricity consumed during overnight periods (11 pm to 7 am) and a 5-cent surcharge for each kilowatt hour of electricity consumed during the on-peak period (4 to 9 pm). The rates for the remaining hours of the day will stay the same,” it explained.
Simply put, if you want to charge your electric vehicle, if you do so overnight instead of during the day, you could save an estimated $125 a year by enrolling in this time-of-day rate plan.
Or, by doing a load of laundry at 9 pm instead of two hours earlier, you could save about $25 a year, BC Hydro explained.
“We know the way our customers are using electricity is changing,” said Chris O’Riley, president and CEO of BC Hydro.
The announcement comes after the company engaged with customers and shareholders and found that they wanted more choices, especially more environmentally friendly ones.
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