That should be normal if you use electric baseboard for heating . I have an 40 year house use straight electric including hot water, no gas service at all and when it comes to winter time our hydro charge is always skyrocket. Our bill this month is over $800 and same time last year is $900 but from what I see is high charges in the winter cold months and the rest of the year in $200 range. From my past four years of experience my average Hydro each month is about $250, hope that helps!
Wow, is it the cold weather? We have several units that we rent out (1 bedroom apartments), and their Hydro bill was crazy too!
One guy's apartment had a $390 bill (2 months bill) for a one bedroom apartment, another had a $260 bill (also 1 bedroom).... We went, they are not doing grow-ops, the $390 one is this Indian guy that turned the heat to 30 degrees (it's like sauna when we went) and a lot of TV / Computer / portable heaters....
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Double glazed windows had been done long time ago and we convert everything to electric about 4-5 years ago. I live in the basement as well and yes it is colder than the main floor in the winter but you will love it in the summer.
for electric baseboard heating or forced air furnace, I'd typically turn it down if the house is vacant for over 8hrs. Anything less than 6 hrs, it's up to you.
reason being that electric and forced air heating takes shorter time to "ramp up" the temperature, unlike hydronic water heating systems, which take 4hrs of "preheating" before they really begin to heat up the house.
Also: consider investing in a programmable thermostat for baseboard heating (those 5+1+1 are fine), for you can set it to drop a few degrees during daytime (when the house is vacant, etc.) and then by 6pm or so, it will "ramp up" again to regular settings when family members gradually return to the house during dinner time, etc.
Depends on how "cold" you can tolerate, sometimes, dropping 4C or more maybe a bit tough on the rest of the family members. Try 3C first.
Lastly: what's your regular temp setting? 18C is "guai-low's norm whereas others (chinese), typically has it a bit higher (around 20C or higher).
Again: the higher the temp setting you set during normal hours, the more electricity to heat up your house.