Introduction
Xcel Energy Colorado is rolling out a new program this year that will charge residential customers different electricity rates depending on what time of day they use energy. Customers using power during "On-Peak" hours will be charged more than double their normal electricity rates...
About The Plan
Xcel plans to transition all customers to the new rate plan by 2025, with the first group of 310,000 customers starting in March. Customers will be notified of the change, and will first receive a new electric meter from Xcel – either a smart meter or a non-communicating meter. Rates will vary by season and in three periods, Off-Peak, Mid-Peak, and On-Peak.
- Off-Peak Hours: Daily before 1 p.m. and after 7 p.m. plus weekends and holidays
- Mid-Peak Hours: Weekdays between 1 p.m. and 3 p.m. excluding holidays
- On-Peak Hours: Weekdays between 3 p.m. and 7 p.m. excluding holidays
Pricing Comparison
General Residential Pricing (What you pay now)
Winter Price:
- 12 cents per kWh
Summer Price:
- 13 cents per kWh
Time of Use Pricing (What you will pay)
Winter Prices:
- On-Peak = 17 cents per kWh
- Mid-Peak = 14 cents per kWh
- Off-Peak = 10 cents per kWh
Summer Prices:
- On-Peak = 27 cents per kWh
- Mid-Peak = 19 cents per kWh
- Off-Peak = 10 cents per kWh
Residential Opt-Out Pricing
Customers do have the option to opt out of the Time of Use rate. If you do so, you will be placed on the Residential Opt Out rate. This rate charges the same amount seasonally, regardless of what time you use energy or how much energy you use.
Winter Price:
- 12 cents per kWh
Summer Price:
- 14 cents per kWh
If you would like to opt out of the "Time of Use" billing call Xcel at 800-895-4999 to give them your 30-day notice.
New Time of Use Rate Structure Take Away
While some customers may save money on the new "Time of Use" rate structure it's likely that if you do not make changes to your usage during Mid-Peak and On-Peak hours your electricity bill can rise significantly. Even if you opt out of this new rate structure your summer rates will be 7.7% higher than they are now.
For full "Time of Use" rates and terms visit Xcel's website by clicking here.
Combat Utility Rate Hikes With Solar Power
Solar is a great way to combat these never-ending utility rate increases. A properly sized solar panel system on your home can produce enough power to offset your electricity usage and help support the grid during these peak demand hours. You can request a free proposal from us today 100% online. Gather your last 12 months of utility usage data and click here to begin.
