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Ontario Reduces Electricity Costs for Families and Businesses

Nov 24th, 2016 | By | Category: News

Ontario Reduces Electricity Costs for Families and Businesses

Ontario passed legislation that will rebate the provincial portion of the HST from electricity bills as of January 1, 2017.

The Ontario Rebate for Electricity Consumers Act, 2016 will reduce electricity costs by 8% on the amount before tax, an average savings of about $130 annually or $11 each month, for about five million residential consumers, farms and small businesses.

Eligible rural electricity ratepayers will receive additional relief, decreasing total electricity bills by an average of $540 a year or $45 each month.

Commercial, institutional and industrial ratepayers would also benefit from up to 34 per cent lower electricity costs through the expansion of the Industrial Conservation Initiative.

Making electricity more affordable is part of our plan to create jobs, grow our economy and help people in their everyday lives.

Quick Facts

  • The province is reducing costs for eligible rural ratepayers by providing additional funding to the Rural or Remote Rate Protection (RRRP) program.
  • The Industrial Conservation Initiative (ICI) provides a strong incentive for large electricity consumers to shift their electricity consumption to off-peak hours to reduce their bills by up to one-third. Ontario intends to expand ICI to help reduce cost pressures on the electricity system and enable more consumers to reduce their electricity bill by up to one third.
  • Ontario has removed the Debt Retirement Charge from residential electricity bills and introduced the Ontario Electricity Support Program (OESP) to provide a monthly credit to low-income households who have applied and meet the eligibility requirements to help reduce electricity costs.
  • Since 2003, Ontario has invested more than $35 billion in over 16,000 megawatts (MW) of new and refurbished clean generation, including nuclear, natural gas and renewables – this represents about 40 per cent of our current supply.

October 19, 2016, Ministry of Energy

Source: https://news.ontario.ca/mei/en/2016/10/ontario-passes-legislation-to-reduce-electricity-costs-for-families-and-businesses.html

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