It's not just possible, it's actually done in practice. You pay a lower rate and allow the utilities to shut off your power during peak demand. Usually people

It's not just possible, it's actually done in practice. You pay a lower rate and allow the utilities to shut off your power during peak demand. Usually people will have two meters - a regular one at full price, and a lower priced one that's connected only to heat pumps. It's marketed as "let us control your thermostat for lower electric rates".