Electricity costs continue to rise with announced changes to electricity pricing for 2021.
Higher electricity pricing begins in April 2021. Communities failing to implement energy saving initiatives are unable to reduce electricity consumption in their most power-intensive services including ventilation systems, elevators, lighting, heating and water delivery.
The 31.8 percent rebate, expected to disappear as of October 31, 2020, has been extended until at least April 2021 saving communities from having to pay upwards of $40,000 in additional annual electricity costs. For the current period this rebate has been increased to 33.2 percent. After April 1, 2021, this rebate may disappear.
Rates are increasing as Ontario offers electricity consumers the choice of paying a fixed rate for electricity or time of use pricing. Time of use pricing offers lower pricing for electricity used on weekends, mid-day and late evening, and higher pricing during peak morning and afternoon periods. Those able to defer their heavier electricity use to off-peak hours should find time of use pricing more economical.
Communities can evaluate and implement energy saving measures such as suite metering, more energy efficient HVAC systems and pumps, and HVAC automation systems offering greater comfort and energy efficiency. Such measures offer savings of up to 30 percent which is comparable to the subsidized energy rebate that may soon disappear.