It’s another hit to the pocketbooks for home-owners in the province.
On top of the newly-introduced HST – which will take effect on July 1 – Ontario hydro rates are also going up.
The Ontario Energy Board revealed the changes on Thursday.
Currently, any residence without a fixed-price deal is charged 5.8 cents per kilowatt hour (kWh) for the first 600 kilowatt hours they use in summer or 1,000 hours in the winter. Every additional kWh costs 6.7 cents.
Now, residents will pay 6.5 cents per kWh up to and including 600 kWh each month. Small business owners will have a 750 kWh allowance.
Anything beyond that will cost 7.5 cents per kWh.
For the average consumer, that means $7.60 more tacked on to your bill each month, the OEB outlined in a statement.
Time of use pricing – where residents who use electricity at off hours save money – will also increase:
- Off-peak Price at 5.3 cents per kWh (from 4.4 cents)
- Mid-peak Price at 8.0 cents per kWh (no change)
- On-peak Price at 9.9 cents per kWh (from 9.3 cents)