Time of Use rates can help customers manage bills by using electricity when it costs less. They can also help reduce carbon emissions. Under this type of rate, customers pay different prices per kilowatt hour of electricity they use, depending on when they use it.
After a successful trial in Colorado homes, Xcel Energy asked the Colorado Public Utilities Commission to approve Time of Use rates for all residential customers, beginning in 2021. A unanimous settlement (PDF) was reached and granted approval by a CPUC administrative Law Judge on Sept. 11, 2020.
These year-round rates will replace the existing tiered summer rates. The on-peak rate will be in effect from 3 to 7 P.M. each weekday (except holidays). Off-peak rates on weekdays (7 P.M. to 1 P.M. the next day), plus all day weekends and holidays offer savings.
Residential customers will transition to the Time of Use rate after a new smart electric meter is installed at their home, beginning with participants in the Time of Use trial (January 2021) and rolling out across Colorado through December 2024. Opt-out programs will be offered for smart meters and for the Time of Use rate.
See the CPUC decision for more details (PDF) and watch for communications from us about how and when this change will affect you.
Filing materials related to this proposal will be available here. You can also follow the proceeding and access electronic filings at the Colorado Department of Regulatory Agencies (external link). Search for Proceeding No. 19AL-0687E.
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