The new Ultra-Low-Overnight rate allows customers to shift their usage when demand for electricity is lowest on average. This way you can save more when you use at certain times, because your power is personal!
What is ULO?
On May 1st, 2023, the Ontario Government launched a new Ultra-Low Overnight (ULO) price plan as part of its plan to provide consumers with more ways to keep costs down, save money and take control of their energy bills. All utilities were required to offer ULO to customers by November 1, 2023. Like Time-Of-Use (TOU), ULO rates depend on when customers use their electricity, which means you can shift your usage to lower price periods when possible! Unlike Time-Of-Use and Tiered pricing, the Ultra-Low-Overnight price periods are the same in the summer as they are in the winter.
The new electricity pricing structure is a third option for electricity customers, in addition to the existing Time-of-Use (TOU) and Tiered plans. Customers that use more electricity at night, including shift workers and those that electrically heat their home or charge their electric vehicle, could save by shifting demand to the ultra-low overnight rate period when province-wide electricity demand is lower.
You Can Choose
Customers have a choice between Tiered, Time-Of-Use and Ultra-Low-Overnight price plans. Use the OEB bill calculator to estimate your bill amount under each plan. When you decide about switching, you must contact your utility or visit their website for the election form. The new rates offer more customer choice and flexibility by allowing customers to move high-electricity usage activities, like electric vehicle charging, laundry, and heating, away from peak times.
Families and small businesses can use the Ontario Energy Board’s Bill Calculator to determine what electricity rate plan, Tiered, Time-of-Use or Ultra-Low Overnight, best suits their lifestyle and will help them save money on their energy bills.
Click here innpower.ca/electricity-rates to see the current prices for the price plans.
To learn more about customer choice, visit: http://oeb.ca/choice