While your electricity bills will still be going up, they won't be rising as much as the province had projected a couple of years ago.
Energy Minister Bob Chiarelli has tabled Ontario's long-term energy plan, called "Achieving Balance".
The plan shows a steep increase over the next few years: residential electricity bills will jump from $125 this year to $137 next year alone, going to $178 in 2018.
You'll see a 30 percent increase in three years; 42 per cent by 2018.
However, the province is pushing a typical resident would expect to pay $520 less than expected over the next five years.
Last week, Chiarelli has revealed the almost 3.5 per cent average energy rate increase you’ve been seeing over the past 10 years, will continue for the foreseeable future. If you take into account the next 20 years, the province maintains the average increase will shrink to 2.8 per cent.
The province is putting a focus on conservation, underlining the more energy it can save, the less new development projects will be needed. That means savings for you.
Staring in 2015, the province will also be offering incentives to consumers who make their homes greener. If you decide to make energy efficient renovations, Queen's Park will give you the cash needed and you'll pay it back on your electricity bill.
The province is now pushing technology as a way to not only learn about energy but also find ways to conserve and save money. It has created websites and apps for rate-payers.
Reduced electricity rates will be offered to industrial and manufacturing companies who qualify, mainly those which bring in new investments to the province and create jobs.
The plan calls for a yearly energy audit, which will focus on supply and demand trends. There is also be a focus on regional energy plans.
Ontario will also phase-out coal-fired energy plants by the end of next year. And while nuclear will be Ontario's largest energy producer, it will produce 47 per cent of the province's energy, instead of 55 per cent.