Select Pricing Plan
In the past, the only way to reduce your energy costs was to cut back on your overall energy use—something that we know can be difficult. Now that you're enrolled in the Select Pricing Plan, you can potentially lower costs if:
- Your energy use is consistent over the course of the day, avoiding large spikes that come from running major appliances and devices all at once
- You reduce your energy use, when possible, during peak hours (Monday through Friday, noon to 8 p.m.)
Use Efficient Heat Pumps for Heating and Cooling
Heat pumps are up to three times more efficient than other heating and cooling systems, and when left at a single temperature setting they use electricity consistently throughout the day. So, if you have a heat pump installed at your home, the Select Pricing Plan may be a good fit.
The first 500 air-source heat pump and first 500 geothermal customers to sign up will receive a one-year price guarantee. At the end of 12 months, we’ll compare your bills on the plan with what you would have paid on the standard rate. If your bills were higher on the plan, we’ll apply a credit to your account in the amount of the difference, so you won’t pay more than what you would have paid on the standard rate. Interested in learning more about heat pumps? We have incentives to help you cover the cost of installation. Learn more.
Ways to Save:
Stagger Your Energy Use
Spikes in energy use put a strain on the energy grid and can lead to expensive infrastructure upgrades that drive delivery costs up for everyone.
To maximize your savings potential on the Select Pricing Plan, spread your energy use out evenly over the course of the day. To do this, use large appliances and electronic devices at different times instead of all at once.
Shift Energy Use When Possible
Maximize your savings by shifting energy use to off-peak hours when electricity prices are lower. For instance, wait until 8 p.m. to run the dishwasher, or do laundry on Sunday rather than Monday.
Peak Hours: Noon to 8 p.m., Monday through Friday
Off-Peak Hours: All other hours, including weekends and holidays
Reduce Energy Use Where You Can
Costs can be reduced by scaling back the total volume of electricity that you use. Turning off lights when you leave a room or unplugging charged devices are some of the many small yet effective ways to reduce your energy use.
How Your Bill is Calculated
The Select Pricing Plan is a demand rate, which means your costs are based on the most electricity you use in a 60-minute period. Here’s how it works:
- Each day during the billing period, we record one 60-minute period during peak hours, and one 60-minute period during off-peak hours when you use the most electricity.
- When the billing period ends, we identify the three highest daily peak and off-peak readings.
- The average of your three peak readings is calculated to identify your peak-hour demand charge, and the average of your three off-peak readings is calculated to identify your off-peak demand charge.
- Your peak-hour and off-peak hour demand charges are added to the basic service charge, along with all applicable taxes and surcharges, to form your electric delivery charge.
Con Edison bills have two parts: supply charges and delivery charges.
Supply Pricing
You will continue to be billed for supply in cents per kWh, just as you were on the standard rate. But you will be charged a higher price during peak hours and a lower price during off-peak hours.
If you purchase your supply from an Energy Services Company (ESCO), you will continue to be billed at the price that you and your ESCO agreed upon. Peak and off-peak pricing will not apply.
Delivery Pricing
Under the Select Pricing Plan, you’ll be billed for delivery in dollars per kilowatt (kW) rather than in cents per kilowatt-hour (kWh).
Delivery Rates |
SUMMER PEAK (JUN 1 - SEP 30) |
NON-SUMMER PEAK (OCT 1 - MAY 31) |
YEAR-ROUND OFF-PEAK |
---|---|---|---|
Delivery Rates |
SUMMER PEAK (JUN 1 - SEP 30) $23.55 per kW |
NON-SUMMER PEAK (OCT 1 - MAY 31) $18.12 per kW |
YEAR-ROUND OFF-PEAK $6.95 per kW |
A basic-service charge of $29.00, plus applicable taxes and surcharges, also applies. All pricing information for the Select Pricing Plan can be found in the Con Edison Electric Tariff under Service Classification No. 1, Rate IV.
Track Your Progress in My Account
You can track your progress by logging in to My Account and reviewing our bill-comparison tool on the Billing History & Assistance page. The tool provides a month-to-month and annual comparison of your bills on the plan versus what you would have paid on your prior rate.
The annual comparison is helpful because, while you may not see savings every month that you’re enrolled in the Select Pricing Plan, the rate could still be a good fit overall. If you give the new rate a try, you can always return to your prior rate if you aren’t satisfied.