If it seems like energy prices are rising every six months, that’s because they are.
In May, the prices were set to 16.1¢/kWh during peak hours (11:00 am to 5:00 pm), 8.0¢/kWh during off-peak hours (7:00 pm to 7:00 am) and 12.2¢/kWh during mid peak hours (7:00 am to 11:00 am and 5:00 pm to 7:00 pm). This caused an average increase of $5.71 to the monthly energy line and a 4.6% increase to the total bill.
In the winter (Nov 1-April 30), mid-peak and on-peak hours swap. Meaning On-Peak becomes 7:00 am to 11:00 am and 5:00 pm to 7:00 pm and mid-peak becomes from 11:00 am to 5:00 pm. This is a chart directly from the Ontario Energy Board (OEB) showing the changes in price to each category:
According to the OEB’s news release, this will translate to an increase of approximately $4.42 per month on the electricity line and 3.4% on the total bill.
These increases have been coming every six months for the past couple of years and they’re showing no signs of slowing down. The rising prices really place importance on the efficiency of your home comfort systems and when you run them.
Here are three ways you can keep costs low as prices get higher:
The price increases are based on hourly usage, which means you can take advantage of the off peak hours using a programmable thermostat.
These devices become easier and more efficient to use all the time. Some models will even allow you to use your phone to set the temperature based on your schedule. By creating a system where you turn up your heat shortly before the peak hours start and down when they do, you’ll save money.
Upgrade Your System
With new technology being developed every day; HVAC systems aren’t what they used to be… they’re better. A new, high efficiency system can conserve a lot of energy, saving you money in the process.
Also, there’s no better time to upgrade your system as there are fall rebates offered by some of our manufacturers and provincial incentives to take advantage of, a combination of Daikin’s current offer and the IESO’s can save you up to $1,850 on a new furnace and air conditioner.
By following the advice mentioned above, you’ll be offsetting the extra costs from the increase in price and then some. There’s not much you can do about the rising price of energy, however you can make your systems run more efficiently.
For further information contact us toll free at 1-800-842-9958.