Ontario Energy Board Announces Hydro Rate Increase
On Tuesday, Oct 22nd, 2019, the Ontario Energy Board announced new electricity prices for households and small businesses, effective November 1st, 2019. What does this mean for Ontario Homeowners, Property Managers, Landlords, and Tenants?
The Time of Use (TOU) prices are set to increase as of November 1st, and this will have an impact on many Homeowners, Landlords, and Tenants. Those most heavily affected will be landlords that own all inclusive rental properties. The old and new amounts can be found below:
Off Peak (Weekdays from 7:00PM – 7:00AM, All Day Weekends and Holidays) Old amount – 6.5¢/kWh – New amount – 10.1¢/kWh
Mid-Peak (Weekdays 11:00AM – 5:00PM) Old amount – 9.4¢/kWh – New amount – 14.4¢/kWh
On-Peak (Weekdays 7:00AM – 11:00AM and 5:00PM – 7:00PM) Old amount – 13.4¢/kWh – New amount – 20.8¢/kWh
Ontario still has it’s Ontario Electricity Rebate which should help offset the costs for users averaging around 700 kWh per month, but the increase of 55% across the board could be alarming for Property Owners and Landlords alike. It is now more important than ever to ensure that your tenants, friends, and family members living or visiting your house abide by the TOU schedule. With the effective date of November 1st just around the corner, you may want to take the time to discuss and remind family members and tenants of the time of use (TOU) schedule and how to best abide by it. If you are a landlord that owns an all-inclusive rental property, it may be time to consider switching your property over to exclude utilities, or manage your tenants and their electricity usage diligently.
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