B.C. Hydro launches new optional time-of-day pricing

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B.C. Hydro says customers can opt into its new time-of-day rates to save money using electricity during off-peak hours.

The new optional rates were approved by the B.C. Utilities Commission last December.

“It offers residential customers with the option to pay lower rates if they shift their electricity use to periods when demand for electricity is lower and there is more system capacity,” said B.C. Hydro in a news release about the launch this week.

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“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.

“That’s why we are working with B.C. 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.”

Customers on time-of-day pricing will get a five-cent discount for each kilowatt hour of electricity consumed from 11 p.m. to 7 a.m., while also facing a five-cent surcharge for electricity use from 4 to 9 p.m., when demand is highest. Regular rates would apply for use at all other times of day.

The provincial Crown corporation concedes the optional rate system isn’t for everyone, which is why switching is “completely optional and customers can opt in or out without penalty.”

Who might benefit? Think of an electric vehicle owner choosing to charge it in the wee hours instead of after work, or a shift worker who can do laundry and other chores at unconventional hours.

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“We engaged with over 35,000 customers and stakeholders, and the message was clear that many would like more choices, an option to save money and to reduce their impact on climate change by using more clean electricity in a smart way,” said B.C. Hydro president and CEO Chris O’Riley. “That is exactly what this … was designed to help do.”

Hydro predicts an e-vehicle owner could save to to $125 a year by enrolling and charging overnight, while someone who switches to late-night laundry could save up to $25 a year.

Go to bchydro.com to use the new rate estimator tool and determine if you could save money, and choose the option by signing in at bchydro.com/myhydro.

jruttle@postmedia.com

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