I'm in the PNW and I pay 11c/kWh (well, I would, if I didn't have solar). Seattle is 13c, King County averages 16c. Where are you paying 5c/kWh? That's exceptionally cheap.
[1]: This alone will increase costs by something like 4c/kWh from these 70 year old dams: https://www.king5.com/article/news/investigations/skagit-riv...
https://www.seattle.gov/city-light/residential-services/bill...
And the time periods are: https://www.seattle.gov/images/Departments/CityLight/Residen...
So you're paying a marginally higher rate almost all day on variable-rate, but substantially higher 5-9pm. The math pencils if you have a home battery you can use to load-shift, or perhaps drive an EV a lot.
(Also: this structure is clearly designed around summer cooling load, but peak load is actually winter heating. I don't know what SCL is thinking.)