A new ‘econological scheduling’ model combining the economic and ecological aspects of a multi-part multi-machine setup operating under a time-of-use tariff is presented. The operating speed of the machines and the frequency of operating speed change are allowed to vary, and the peak load and energy consumption during a shift is estimated using discrete event simulation. The electricity cost and environmental impact for a target production quota are simultaneously minimized using a multi-criterion meta-heuristic optimization. The proposed model is demonstrated via a case study on a manufacturing unit producing parts using machining and welding operations. A comparison among econological, economic, and ecological approaches and the underlying dynamics of scheduling under a time-varying electricity tariff are presented as one of several strategies for enabling a manufacturing system to be more eco-friendly without substantially increasing the electricity cost.