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Could a Time-of-Use Plan Lower Your Electric Bill?

Energy bills can skyrocket in seasons that demand temperature regulation, namely Winter and Summer. SmartMoney has noticed more electric companies offering time-of-use options for customers who are able to minimize their energy use during certain times of the day.

The plans come with lower rates for off-peak times, usually from midevening to early morning, but the rates are much higher for peak-hours use. SmartMoney uses an Arizona-based SRP to explain how time-of-use-plans typically work: the particular company charges 10.73 cents per kilowatt hour during Summer, but a time-of-use plan would charge 20.03 cents for on-peak hours (1 p.m. to 8 p.m. weekdays) and 6.30 cents during the rest of the day.

So, if you're someone with a schedule that regularly keeps you out of the house during peak hours, a time-of-use plan might help to lower your electric bill. Give your electric company a call to check on your options.

Source: Getty
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