Hancock-Wood Electric Cooperative has introduced a new time-of-day (TOD) rate structure for our members, which aims to incentivize members to shift their power usage to off-peak hours. The rate is 6.617 cents per kilowatt-hour from 10 p.m. to 6 a.m., and 14.426 cents per kilowatt-hour for all other times. By shifting their usage to off-peak hours, members can save money on their monthly bills.

The TOD rate was implemented to reduce the cooperative's electricity costs during peak hours, which are more expensive to produce. This allows the Hancock Wood Electric Cooperative to pass the savings on to its members. This has allowed members to save $5.15 annually with the new rate compared to the previous flat rate design.

To take advantage of the TOD rate, members should identify which appliances and equipment in their home use the most electricity and decide which ones can be used during off-peak hours. Some suggestions include shutting off electric water heaters during peak hours, using delay start buttons or apps for smart appliances, and charging electric vehicles after 10 p.m. As always, your co-op is here to help. If you have any questions about this rate and how it may affect you, please give us a call at 800-445-4840.