Enova has added the new Ultra-Low Overnight (ULO) rate to their suite of price plans for customers. Customers can now choose between ULO or the existing Time-of-Use and Tiered pricing options, giving them even more control over their electricity rates.
Customers who switch to ULO will begin enjoying the new rate on their first full billing period after Nov. 1, 2023.
Enova customers now have three price plan options:
Time-of-Use (TOU): With TOU pricing, customers can choose when they use electricity to take advantage of lower rates when province-wide electricity demand is lower. TOU divides each day into three periods: on-peak, when provincial electricity demand and pricing is the highest; mid-peak, when electricity demand and prices are moderate; and off-peak, when both electricity demand and pricing are lowest. TOU periods change on May 1 and November 1 each year to reflect the seasonal changes in electricity demand across the province.
Tiered Pricing: Customers who pay Tiered pricing pay one rate for their electricity use each billing cycle, regardless of the day or time, to a maximum threshold. If electricity use exceeds that threshold, a higher rate applies. Tiered thresholds and rates also change on May 1 and November 1 each year to reflect the seasonal changes in electricity demand across the province.
Ultra-Low Overnight Rate (ULO): ULO could be a good choice for customers who use most of their electricity after 11 pm. The ULO plan has four pricing periods, including the ultra-low overnight period from 11 p.m. until 7 a.m. The plan could benefit customers who charge electric vehicles overnight, as well as shift workers and those with electric heat that warm their house through the night. Visit enovapower.com/ulo for more information on ULO rates and periods.
Which plan makes the most sense for you?
There are tools available to help customers choose the price plan that is right for them based on their electricity use, including Enova’s My Account Comparison Tool and the Ontario Energy Board’s Bill Calculator.