HK Electric introduces TOU pricing for residential EV charging.
With electric vehicles becoming increasingly popular, HK Electric announced yesterday the launch of a time-of-use (TOU) pricing mechanism for residential electric vehicles, and applications are now open. This mechanism aims to encourage owners to use electricity during off-peak hours to alleviate grid load during peak periods. HK Electric divides the 24-hour day into three time periods. During peak hours, charging an electric vehicle will incur an additional charge of 18.7 cents per kilowatt-hour; during off-peak hours, a rebate of 18.7 cents per kilowatt-hour will be provided. HK Electric stated that customers can flexibly set up automatic charging during off-peak hours through the preset functions of their electric vehicles or charging devices.
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