Xcel Energy is piloting a program that gives customers new ways to save on electric bills, and Eden Prairie is one of the participating communities.
Residents selected for the pilot will begin receiving information from Xcel Energy in July 2019, and those who do not wish to participate can opt out at that time.
In fall 2019, Xcel Energy will begin installing advanced meters in Eden Prairie pilot homes. With the new meter, you’ll be able to see exactly how much energy you’re using at any given time. With this extra data, you can take more control over your electricity usage while helping Xcel Energy better manage the energy grid. In April 2020, some homes with advanced meters will switch to new time-of-use pricing for two years.
How "Time of Use" Works
For customers in the pilot, your electricity bills will depend on how much electricity you use and when you use it. Electricity costs more to produce when demand is high, and often high-demand energy sources may be less environmentally friendly.
Customers in the pilot will pay less for electricity they use during off-peak hours, from midnight to 6 a.m., when electricity is cheaper to produce. Electricity prices during the peak period will be higher, to better reflect the real costs to produce energy.
If customers can use less energy during the peak period, 3 p.m. to 8 p.m. on weekdays, they have the opportunity to save money.