It seems to me that you could store a lot of that 0.4 cents/KWH energy in a battery, and then sell it back to the electric company during the high rate of 44 cents/KWH. Or do they have some other formula for "net metering", or whatever it's called, such as when someone connects a grid-tied solar system and sells back excess power. Even at a low 25% round trip efficiency, it seems you could be money ahead.
If you can't sell it back, it would definitely seem worth storing the cheap electricity in a battery and using it during peak (expensive) times. I see a big market for a product here...