Yahoo Finance Potomac Edison Incentivizes Electric Vehicle Charging During Off-Peak Hours to Save Residential Customers Money and Take Pressure Off the Electric Grid
EV drivers can voluntarily opt in to the new time-of-use rate
WILLLIAMSPORT, Md., May 17, 2023 /PRNewswire/ -- Potomac Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is now offering electric vehicle (EV) drivers the option to enroll in a program that can help them save money by charging their EV during off-peak hours. The program is also designed to benefit the entire region by taking some pressure off the electric grid during periods of heavy use, particularly in the hot summer months.
Under Potomac Edison's new Electric Vehicle Time-of-Use (EV TOU) rate approved by the Public Service Commission of Maryland, EV drivers can save two cents per kilowatt-hour off the Electric Supply Charge portion of their bill for EV charging usage during off-peak hours. On-peak hours are Monday through Friday from 6 a.m. to 11 p.m. excluding holidays. Off-peak hours are all hours not identified as on-peak.
Beginning May 15, eligible residential customers can opt in to receive the EV TOU rate. While customers who choose to enroll will be able to charge at a lower rate during off-peak hours, the EV TOU rate for charging during peak hours will be two cents higher than the Electric Supply Charge. Customers should consider their charging habits to determine if the program would be suitable for them.
The new rate option replaces the company's former EV Credit Rider. Now, instead of periodically receiving an off-bill rebate in the form of a gift card for charging during off-peak hours, the customer will pay a lower rate during off-peak hour charging.
"The new EV TOU rate within Potomac Edison's EV Driven program gives customers the opportunity to see immediate savings on their electric bill, and we are able to offer it to more customers," said Linda Moss, president of FirstEnergy's Maryland operations. "We are proud to be a part of making electric vehicle adoption more accessible, convenient and affordable in Maryland."
Unlike the previous EV Credit Rider program, in which only 500 residential customers could subscribe, there is no cap on the number of residential customers who can sign up for the new EV TOU rate.
Through Potomac Edison's EV Driven pilot program, the company plans to complete the installation of 59 charging stations, including 20 fast-charging stations, across its seven-county Maryland territory. The EV Driven program is designed to benefit the state's environment by reducing auto emissions and supporting Maryland's goal to reach 300,000 zero-emission vehicles on the road by 2025.
Potomac Edison serves about 285,000 customers in seven Maryland counties and 151,000 customers in the Eastern Panhandle of West Virginia. Follow Potomac Edison at www.potomacedison.com, on Twitter @PotomacEdison, and on Facebook at www.facebook.com/PotomacEdison.
FirstEnergy is dedicated to integrity, safety, reliability and operational excellence. Its 10 electric distribution companies form one of the nation's largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York. The company's transmission subsidiaries operate approximately 24,000 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy online at www.firstenergycorp.com and on Twitter @FirstEnergyCorp.
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SOURCE FirstEnergy Corp.
