With the unmanageable cost of living in a city like Toronto these days, it's not just prudent, but imperative to save any amount of money you can, anywhere you can.

One way to cut down on at least a household bill is through a new incentive from the Province of Ontario called Peak Perks, which was just announced on Thursday.

The @EDA_ONT was pleased to attend the launch of the new @ONenergy Peak Perks program. Announced today by @ToddSmithPC, the program empowers customers to save money while conserving energy, lowering demand during peak periods, and supporting the province's efforts in reducing… https://t.co/nUbVxrtM5Q

— Electricity Distributors Association (EDA) (@EDA_ONT) May 25, 2023

Starting in June, the program offers $75 to residents who have an eligible smart thermostat and are willing and able to reduce their air conditioning use during peak times.

The reimbursement will take the form of an electronic prepaid Mastercard, with another $20 card for each additional year you participate.

The province also assures those who sign up that there will be a maximum of just 10 times from next month through to September that they will need to adjust their home's temperature, which will be done remotely by their thermostat company.

Users can also manually opt out of any individual change if they so choose without it impacting their eligibility for the benefit.

The program is not only advantageous for residents looking to cut costs, but also for the environment.

The province notes in a news release that "the overall savings from this energy-efficiency programming will result in an estimated three million tonnes of greenhouse gas emission reductions over its lifetime," which is equal to taking more than 600,000 vehicles off the road for an entire year.

This morning I was pleased to launch the new Peak Perks Program to help families save money by saving energy! 🏡⚡️

Families can receive an incentive of $75 this year in exchange for lowering the demand at peak times.

Learn more: https://t.co/iCaK7y6H9E pic.twitter.com/LG135dWdr8

— Todd Smith (@ToddSmithPC) May 25, 2023

"Thanks to energy efficiency efforts over the past 15 years, demand for electricity is today about 12 per cent lower than it otherwise would be. Conservation is a valuable and cost-effective resource that supports system reliability and helps drive economic development as we strive towards a decarbonized electricity grid," the release continues.

Peak Perks is one of three new and/or enhanced rebates that the government is now offering to encourage energy efficiency.