Beginning today, Colorado Springs Utilities will be charging new customers the Energy Wise Rates which vary electricity prices at different times of weekdays.

The Energy Wise Rates charge a premium price for any electricity used between 5 p.m. and 9 p.m. weekdays. The higher peak is balanced out with lower power rates for holidays and all other hours of the week. The net change is expected to be revenue-neutral for the public utility.

From Oct. 1 onward, the rate will be the standard for new customers moving to Colorado Springs or people who move to a new address within the city.

Utilities leaders have said the goal of the new rates is to encourage residents to use less power during the “peak hours” during evenings, when demand is high and it costs more to generate power on a large scale. Several other utility companies in Colorado have switched to similar time-of-use rates including Fort Collins and Xcel Energy.

“The general rate is going to be lower than it is today, so it is a real opportunity to save if customers shift just some of their high-use appliances to the off-peak hours,” Utilities spokesperson Alex Trefry said.

The time-of-day rates Colorado Springs businesses pay are also changing today to 5 p.m. to 9 p.m. weekdays to match the residential rates. Previously, Colorado Springs Utilities had set business peak hours that were longer and earlier in the day during the spring and summer months.

All Colorado Springs Utilities customers will transition to the Energy Wise Rates by February 2026 and will receive notice at least 30 days in advance of the change, Trefry said.