If you could pay less for power and save on your electricity bills, why wouldn’t you? Business owners can benefit immensely from using off-peak periods, but the task of understanding your monthly energy bill tends to be annoyingly complicated and confusing.
That is why most business owners never get around to switching energy suppliers and end up paying unnecessarily high tariffs. So how can you make the most of your electricity tariff and take advantage of off-peak hours? Keep reading to find out!
What Are Peak And Off-Peak Times For Electricity?
The cost to use electricity at certain times during the night or the day can vary. Off-peak times tend to be quieter periods when power demand is low. On the other hand, peak hours are the busiest times of the day when electricity usage by consumers is high.
The majority of electricity providers offer flat charges. So the rate is the same whether you use your electric appliances during the day or the night. If you are searching for a way to save on your utilities why not seek the assistance of industry professionals such as Utility Bidder? You could be saving more than you think.
What Is An Economy 7 Tariff?
The Economy 7 tariff provides you with seven hours of electricity at an off-peak rate. This is usually between 11 PM and 8 AM – but it’s best to check with your provider as these times can differ. Your electricity meter will show you two different numbers: your off-peak energy consumption (night rate), and your peak usage (day rate).
What Is An Economy 10 Tariff?
The name gives it away. An Economy 10 Tariff gives you ten hours of off-peak electricity use. Depending on the supplier, some of these hours could also fall during quiet times during the day. You have to be more mindful and organized when using these types of tariffs, as they are more complex with two or more energy rates and time periods.
How Can I Benefit From Off-Peak Electricity?
If you want to benefit from cheaper electricity tariffs for your business, it can definitely be worth making the switch. This will also require that you plan ahead to make the most out of these off-peak hours.
Set Your Appliances To Operate At Off-Peak Times
A great way to lower your bills is to set your electric appliances to turn on at night, instead of during the day. You can also really benefit from cheaper rates by charging your electric vehicle overnight. Some energy providers will offer more competitive prices for electric car owners too.
Using Storage Heaters And Hot Water Tanks
If your business uses storage heaters or hot water tanks, they can be switched on during the night. They’ll be ready to release heat, or hot water during the day without using the higher peak-hour tariff.
Review Your Energy Consumption
It’s important to check if an Economy 7 or 10 Tariff is still the best choice for you. Always keep in mind that using electricity during the day while on these plans will be more expensive than the standard fixed tariff rate, so if you aren’t consuming most of your energy during off-peak hours, this will be to your detriment. Keep track of your energy consumption by checking your meter often, to stay on top of things.
If you were buying expensive groceries and found out that you could buy the same items from the shop next door for half the price, you wouldn’t think twice about switching shops! It should be the same when it comes to your energy usage. You can save money by taking advantage of off-peak electricity times and using the right energy supplier for your business.