This has started showing up in the AWS billing console:
https://console.aws.amazon.com/cost-reports/home?#/savings-plans/overview
Savings Plans are a flexible pricing model that offer low prices on EC2 and Fargate usage, in exchange for a commitment to a consistent amount of usage (measured in $/hour) for a 1 or 3 year term. Savings Plans provide you the flexibility to use the compute option that best suits your needs and automatically save money, all without having to perform exchanges or modifications. When you sign up for a Savings Plan, you will be charged the discounted Savings Plans price for your usage up to your commitment.
Savings Plans allow you to easily reduce your bill by making a commitment to compute usage (e.g. $10/hour) instead of making commitments to specific instance configurations. AWS offers two types of Savings Plans - Compute Savings Plans and EC2 Instance Savings Plans.
Compute Savings Plans provide the most flexibility and help to reduce your costs by up to 66%. These plans automatically apply to EC2 instance usage regardless of instance family, size, AZ, region, OS or tenancy, and also apply to Fargate usage.
EC2 Instance Savings Plans provide the lowest prices, offering savings up to 72% in exchange for commitment to usage of individual instance families in a region (e.g. M5 usage in N. Virginia). This automatically reduces your cost on the selected instance family in that region regardless of AZ, size, OS or tenancy. EC2 Instance Savings Plans give you the flexibility to change your usage between instances within a family in that region.
Get started with Savings Plans by accessing your recommendations and customizing the plan type, payment option and term.
