BC Hydro

By Tommy Osborne

Energy prices

How to cut costs on your energy and electric bill

Oct 10, 2023 | 4:33 PM

PRINCE GEORGE — Colder days are soon upon us, which often means a spike in electricity and energy bills for many. Not only do most people spend more times indoors during winter, we also need to heat our houses. Combined with steadily increasing prices, this could mean headaches for many who have been struggling to battle a constant cost of living crisis.

According to the British Columbia Utilities Commission and Fortis BC, electricity rates have seen a steady increase over the last five years, jumping from $192 over two months in 2019 to $252 over two months in 2023. As for natural gas, the monthly rate has also jumped from $84 to $115, although 2023 did see a drop compared to 2022. Fortis also announced an additional $7 drop in monthly prices starting this month.

Statistics courtesy British Columbia Utilities Commission, Fortis Alberta

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The steadily increasing electricity prices don’t come as a shock to UBC economics professor Werner Antweiler, as these prices are controlled by the BC government so it’s not exposed to the volatility of an international market like oil and energy is.

“Prices do go up, in line mostly with inflation, but not at an extraordinary rate. So I think it’s very safe to predict that the electricity price in BC, even though its on an incline gradually, it will not have the kind of rollercoaster we see for oil and gas prices,” Antweiler said.

Regarding oil and energy prices, Antweiler explained it’s far harder to predict costs, as the market can experience huge shifts at a moment’s notice. Antweiler pointed to things like OPEC and Saudi Arabia’s shortening of oil production, as well as capacity issues due to refineries shut down during the covid lockdowns as several international factors causing the market to remain unstable.

“We are going to be in a phase where capacity is going to be tight, at least for some time, and it means any vulnerability is amplified,” he added.

With electricity steadily rising and gas a potential risk to skyrocket, what can you do to help protect your bank account? If you can afford it, Antweiler has some big suggestions which could pay immediate dividends. Among them is making the switch to an electric or hybrid vehicle.

“For every kilometre you drive you pay four times as much for gasoline than for electricity,” he said.

Other large investments include upgrading your home’s insulation so you don’t spend as much on heating, or a heat pump. If these options are too costly, there are plenty of smaller things you can do too, such as:

• Unplugging appliances you aren’t using. Things like coffee makers, toasters, and air fryers can use electricity if they remain plugged in, slowly draining your bank account.
• Not charging your phone or other gadgets beyond 100% battery.
• Fully shutting off video game consoles like a Playstation 5, rather than leaving it in rest mode to continue using electricity.