Ontario's budget watchdog says the Liberal government will spend $45 billion over the life of its hydro plan to save people $24 billion on their electricity bills.
A report from the financial accountability officer says this means there will be a net cost of $21 billion to Ontarians over the approximately 30 years of the plan.
The $45 billion is mostly the cost of funding an eight-per-cent rebate that took effect on bills in January, but that assumes balanced budgets for the next 30 years.
The FAO says if the government has to fund that rebate through debt, the cost to the province could balloon up to $93 billion.
Legislation to cut electricity bills by 17 per cent on average _ on top of the eight-per-cent rebate _ is before the House and has to pass in the remaining four sitting days before summer if relief is to be delivered under the timeline the Liberals promised.
The Liberals have said after the initial cut to bills this year, rate increases will be held to inflation for the next four years, and in 10 years ratepayers will have to start paying back debt that will be accumulated in order to finance lower rates for the next decade.