Time of Use & EV Charging
How Ray got the best deal on electricity
Ray has always had a passion for speed. Whether it comes from the planes he flies professionally or the sports cars he drives – he loves the “high-octane” life. As much as Ray enjoys the rush that comes with speed, he is also very conscious of the impacts being made to the environment. This concern is one of the reasons he started looking into the purchase of an EV. Soon enough, Ray was ready to trade speed for his EV - but after driving a Tesla Model S for the first time, he realized he didn’t have to sacrifice speed by going electric.
As Ray explains, “I had a Porsche, Audi S5, and a friend a few doors down has a mid-engine Corvette. This (EV) is faster than anything I’ve ever owned…and it's the fastest car on my street!” So, with a fast car parked in his garage and a cleaner future envisioned for his six grandchildren, the only downside of switching to an EV seemed to be the higher electricity bills.
Time of Use vs Flat Rates for EV Charging
Ray ended up paying higher energy bills on a standard rate plan for about a year until a friend mentioned that some energy companies now offer Time of Use plans (TOU) with special pricing during off-peak hours. Ray called PSEG Long Island and spoke with a Time of Use Specialist who reviewed his bills, discussed how and when he uses electricity; and together they decided on the Overnight Rate as the right rate plan for him. According to Ray, he knew that TOU was worth trying because switching was easy.
“They told me I could try one (rate plan) and if it didn’t work out
I could try something else or go back…I was sold!”
Time of Use Rates for EV Charging and More
While Ray switched to a Time of Use rate plan primarily for his EV, he soon found other ways to take full advantage of his cheaper rate by tweaking when he uses some of the larger appliances in his home –specifically his dishwasher, washing machine, and dryer.
At just four months into the switch to a Time of Use rate plan, Ray was thrilled to have already saved close to $200 with TOU. According to him, “It’s significantly cheaper and the data visualizations I get from PSEG Long Island have helped me see my actual savings. The bar graphs show where the off-peak hours are…you can see that they are significantly more cost-efficient.” Ray uses the free analysis tools in My Account to see the differences in costs for energy use between Peak, Off-Peak and Super Off-Peak times.
Is It Worth Switching to TOU If You Don’t Have An EV?
When asked if he would drop Time of Use if he didn’t have an EV Ray said, “Well, no, I would stick with it, because it’s cost-effective and easy to save.” Like Ray said – whether you have an EV or not, TOU is worth checking out. If you want to see if you can save on TOU, log into MyAccount and click on the Rate Calculator. It’s the easiest way to see your potential savings and choose the TOU rate plan that best suits you.