Ontario’s new ultra-low electricity rate is a win for the wallets of electric vehicle owners, says the head of Electric Mobility Canada, a national advocacy group already calling for other provinces to follow suit.
“At the lowest rates, it becomes really, really, really cheap, when you charge at home,” president and CEO Daniel Breton, a former Quebec environment minister, told Yahoo Finance Canada. “That’s something we think should be deployed across the country.”
The Ontario government rolled out its new ultra-low overnight electricity price option through the Ministry of Energy on Monday, dropping the overnight rate from 7.4 to 2.4 cents per kilowatt hour every day between 11 p.m. and 7 a.m. In exchange for that 67 per cent savings from the current off-peak rate, those who choose the new option will pay a 59 per cent higher price during dinner time and in the evening. The government estimates customers could save up to $90 per year.
The new plan is a third option alongside existing Time-of-Use (TOU) and Tiered plans aimed at those who use more electricity at night, such as electric vehicle owners, shift workers, and those with electric heating.
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