BC Hydro has unveiled its new, optional “time-of-day rate,” which charges customers different prices depending on the time of day that they use electricity.
Through the new payment plan, customers will receive a discount on electricity prices during overnight hours, and an extra surcharge for usage during peak hours.
The discount comes out to five cents for each kilowatt hour between 11 p.m. to 7 a.m., and a five-cent surcharge for each kilowatt hour between 4 p.m. and 9 p.m.
The rates for the rest of the day remain the same.
BC Hydro launched the alternate payment plan to try to spread out electricity use away from peak hours, and offer savings for people who can schedule their power use overnight.
It received the greenlight to launch the optional rate from the BC Utilities Commission in December.
“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,” said B.C. Energy Minister Josie Osborne in a release Wednesday.
“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 says people who drive electric cars could save up to $125 per year if they enroll in the optional program, and only charge their vehicles overnight.
Customers who typically do two loads of laundry per week could also save up to $25 per year if they wash their clothes overnight.
People who are considering opting into the new pay rate can visit the BC Hydro website to find a new rate estimator tool.
Adam Chan
