Starting this coming Wednesday, May 1, 2024, Oakville Hydro customers will experience changes in their electricity rates as summer Time-of-Use (TOU) hours and adjusted tiered thresholds come into effect, lasting until Thursday, October 31, 2024, as part of the Ontario Energy Board's regulated price plan.
Despite the alterations, prices for both plans and Ultra-Low Overnight (ULO) rates remain consistent.
Electricity price periods and tier thresholds vary seasonally, differing between the winter period (November 1 – April 30) and the summer period (May 1 – October 31).
Residential and small business customers have the option to switch between TOU, ULO, and Tiered prices, so long as they notify the utility via an election form.
"If you’re thinking about switching, you should pay close attention to how much electricity you use in a month," says the Oakville Hydro website.
"On tiered pricing the price is higher for every kWh of electricity that you use above the Tier threshold of 1,000 kWh in the winter or 600 kWh in the summer. For instance, if you heat your home electrically, your monthly use in the winter may be higher. And the same goes for the summer if you need to run your air conditioner."
Prices for TOU and ULO vary based on when you use electricity.
Those wishing to retain their current plan need not take action.
For more information, visit the website of the Ontario Energy Board.