Is the Ultra-Low Overnight Price Plan Right for You?
The new Ultra-Low Overnight (ULO) electricity rate will be available for Milton Hydro customers as of November 1, 2023. It joins the existing Tiered and Time-of-Use rates providing another option for you to tailor your rate to your household’s actual energy use needs.
The ULO Electricity Rate
The new ULO rate, set by the Ontario Energy Board, will be 2.8 cents per kilowatt-hour (kWh), in exchange for a higher on-peak rate at 28.6 cents per kWh. Please note that the time periods are different compared to Time-of-Use rates.
Understanding the Three Different Rates: TOU, ULO, and Tiered
Not sure which rate is right for you? The Ontario Energy Board (OEB) created this handy video to explain the benefits of each of the different rate plans.
TOU and ULO pricing depend on when you use electricity. Prioritizing energy usage during off-peak, lower-priced time periods allows you to lower your electricity costs.
For example, if you have an Electric Vehicle that requires charging each evening, the ULO rate would allow you to charge at the reduced overnight rate. ULO would also be beneficial to those who work different shifts and use more energy during off-peak times.
The Tiered pricing rate is dependent on your overall monthly usage. You can use a certain amount of electricity each month at a lower price. Once that limit (called a threshold) is exceeded, a higher price applies.
Learn more about the various electricity rates - Choosing your electricity price plan | Ontario Energy Board (oeb.ca)
Which Rate is Right for You?
Now that you understand the differences between the different rates, you will need to consider the following variables:
- Your current plan – Which rate are you using currently and are you open to changing it?
- Your usage:
- Your consumption pattern – When do you use energy the most? Think about heating and cooling, laundry, running the dishwasher, etc.
- Potential seasonal changes to your consumption pattern – Do you have a pool that you heat? Do you work from home and heat and light your home through the day or mostly just in the evenings when you return?
- Your lifestyle and daily habits – Do you need to do laundry daily or could you do it overnight?
With a clear understanding of your household’s actual energy consumption patterns, consider using the OEB’s Bill Calculator to test drive the different rates and see which would offer you the best savings.
Access the OEB Bill Calculator: Bill calculator | Ontario Energy Board (oeb.ca)
How to Change Your Rate
Ready to switch to the ULO rate? It’s easy!
Simply begin by logging into your MyAccount on November 1, 2023, and then:
- Click on Smart Meter.
- Now Click on $ Price Comparison.
- See the Change My Rate Plan option and follow the prompts.
Not sure about switching your rate yourself? That's okay. Give our Customer Service Team a call. They’d be happy to help you and can be reached Monday – Friday from 8:30 am to 4:30 pm at (905) 876-4611.