how much can i save using overnight energy rates with my EVSE Charger in ontario?

In today's world, where environmental concerns and energy costs are at the forefront of our minds, making informed choices about our electricity consumption and transportation methods is vital. In this blog post, we'll explore two crucial aspects: the different electricity rate plans offered by the Ontario Energy Board and the cost of driving a 2023 Chevrolet Bolt EV.

Electricity Rate Plans in Ontario

The Ontario Energy Board (OEB) provides various electricity rate plans for residential and small business customers. These rate plans are designed to accommodate different lifestyles and energy usage patterns. As of November 1, 2022, Ontarians have three primary rate options:

1. Time-of-Use (TOU): With TOU rates, the price of electricity depends on when you use it. The rates are divided into off-peak, mid-peak, and on-peak periods, helping consumers manage their electricity costs efficiently.
2. Off-Peak: 7.4 ¢/kWh during weekends, holidays, and weekdays from 7 p.m. to 7 a.m.
3. Mid-Peak: 10.2 ¢/kWh on weekdays from 11 a.m. to 5 p.m. in the winter and 7 a.m. to 11 a.m. and 5 p.m. to 7 p.m. in the summer.
4. On-Peak: 15.1 ¢/kWh on weekdays from 7 a.m. to 11 a.m. and 5 p.m. to 7 p.m. in the winter, and from 11 a.m. to 5 p.m. in the summer.
5. Ultra-Low Overnight (ULO): ULO rates offer a significant cost advantage during specified time periods, making it an attractive option for charging electric vehicles.
6. Ultra-Low Overnight: 2.4 ¢/kWh every day from 11 p.m. to 7 a.m.
7. Weekend Off-Peak: 7.4 ¢/kWh on weekends and holidays from 7 a.m. to 11 p.m.
8. Mid-Peak: 10.2 ¢/kWh on weekdays from 7 a.m. to 4 p.m. and 9 p.m. to 11 p.m.
9. On-Peak: 24 ¢/kWh on weekdays from 4 p.m. to 9 p.m.
10. Tiered: Tiered rates are based on your overall electricity consumption in a month, with specific thresholds and prices.
11. Tier 1: 8.7 ¢/kWh for the first 1,000 kWh/month in the winter and the first 600 kWh/month in the summer.
12. Tier 2: 10.3 ¢/kWh for consumption above 1,000 kWh/month in the winter and above 600 kWh/month in the summer.

Choosing the right rate plan depends on your consumption patterns and lifestyle. Ontarians can switch between TOU and Tiered rates, and starting May 1, 2023, the ULO rate plan is available, offering an exceptional cost advantage during off-peak hours.

The Cost of Driving a Chevrolet Bolt EV

Now, let's delve into the economic and environmental benefits of owning a 2023 Chevrolet Bolt EV, a popular electric vehicle. According to Natural Resources Canada, the average Canadian drives around 20,000 kilometers (approximately 12,427 miles) per year.

The Chevrolet Bolt EV is known for its energy efficiency, consuming about 15.7 kWh per 100 kilometers (10.6 kWh per 100 miles). With this in mind, let's calculate the annual electricity cost for an average Canadian driving this vehicle.

Annual Electricity Cost = (20,000 km / 100 km) x 15.7 kWh x 7.4 ¢/kWh / 100 = $232.36

This means that by taking advantage of the Ultra-Low Overnight (ULO) rate plan on weekends for charging your Chevrolet Bolt EV, you can save significantly on your annual electricity costs while contributing to a greener, more sustainable future.

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Conclusion

In conclusion, the combination of the electricity rate plans offered by the Ontario Energy Board and the efficiency of electric vehicles like the Chevrolet Bolt EV provides an excellent opportunity for Ontarians to reduce their environmental footprint and save money. As we move towards a more sustainable future, making informed choices about our energy and transportation is a step in the right direction.