EVs are making utility bills cheaper

I've already said the same thing on Social Media and get laughed at.

It's simple math overlaid with Government policy (which dictates; because Utilities were guaranteed a monopoly in the market of their customers, total profits are CAPPED at a specific rate above utility costs).

Lower overall offpeak demand lowers profits during that off peak period, which is why many utilities offer lower off peak rates to drive up off peak demand.

The majority of EV charging IS done overnight, when Grid demand is at its lowest. Utilities have HUGE fixed capital costs, profits per kwh plummet during periods of lower demand.

When consumption GOES UP during slack demand periods there is plenty of supply WITHOUT powering up peaker or drawing from higher cost generation. This increases profits WITHOUT much higher costs.

This means utilities overall profit goes up since slack periods become a higher revenue period with OFF-PEAK charging.

This HAS TOO put pressure utilities to lower overall rates, again due to regulation and math.

I have wondered if EV's become more widespread and people are charging at home in the middle of the night if the super off peak rates will start creeping up in price, still lower than peak to encourage charging during off-peak hours but not as cheap as it is currently. Honestly I don't think anyone outside some select employees within the utilities really know how much excess generation they have during off peak periods - 10% more EV marketshare might shrink that excess drastically.

Georgia Power (Southern Company) has an amazing EV rate plan that is $.016/kwh from 11PM-7AM that does not require a separate meter - its entire household usage. Outside of cooking I can do a lot of high energy household adulting during the penny hours. Have clothes dryer start at 11:01PM, dishwasher at 11:30PM after hot water heater has recovered, shower at 6:30AM then time the hot water heater to shut off from 7:00AM until 11PM. HVAC is a little more tricky.

Next 5-10 years will be interesting to see how everyone (power companies and consumers) adapt to higher EV adoption rates and market share.