Toronto residents should see their electricity bills dip by 8.5 per cent or $13.66 per month beginning in January of 2017, Toronto Hydro announced in a press release Thursday.
That represents an annual saving of $163.92 for the average residential customer. The average customer uses 750 kilowatt-hours per month and Toronto’s rates rank among the highest in the country.
“We’re pleased that customers will be getting some relief on their bills, thanks to the decrease for the Delivery Charge and the Ontario Government’s 8% Provincial Rebate,” Toronto Hydro president and CEO Anthony Haines said in a release. “Toronto Hydro continues to invest in our distribution grid and implement our long-term plan to improve reliability for all Torontonians while balancing rate impacts.”
Earlier this month, Toronto City Council voted 30-1 in favour of retaining Toronto Hydro and investing $250 million in the company in an effort to bump up the annual dividend paid back to the municipality.
The incoming lower rates are a direct result of the Ontario government’s implementation of an 8 per cent rebate to cover HST on electricity bills.
Image via George Socka/Flickr