Will your bill be cheaper with electricity rates dropping in Ontario? [Video]

The price to use electricity will soon change in Ontario, with rates dropping in many cases.

The Ontario Energy Board (OEB) recently announced its annual update to its regulated price plan, with new rates taking effect on Nov. 1.

The regulated price plan applies to most homes, small businesses and farms.

The majority of electricity customers in the province have three options for billing: time-of-use and ultra-low overnight, with prices changing depending on when power is used; customers can also choose a tiered plan, with costs depending on how much electricity is used overall in a month.

Most customers in Ontario pay time-of-use rates.

Since 2022, the OEB has set prices annually on Nov. 1, with seasonal changes to when certain rates are paid, except for ultra-low overnight, still taking effect twice a year.

The latest update to the OEB’s regulated price plan shows prices have dropped in many cases.

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