When Is The Cost Of Electricity The Cheapest In A Day?
If you’re living on a budget, or simply trying to save on your energy bills, you’re probably wondering when energy prices are cheapest during the day.
Do peak and off-peak hours make a difference? Will using your dishwasher in the early hours of the morning really save you some cash?
Keep reading to find the answers to all of your questions and reduce your energy bill.
What Are Peak And Off-Peak Times For Electricity?
Some energy suppliers offer cheaper electricity prices for usage during certain times of the day (or night). We call these peak and off-peak hours.
Peak times are the busiest hours of the day when businesses are operating, and electrical appliances are used most.
Off-peak electricity times are typically between 10 PM and 8 AM. This is when the energy demand is at its lowest and there is less pressure on the grid. Check your electricity bill or call your provider to find out your exact hours.
Most energy suppliers charge a fixed cost for electricity, so it will cost you the same price no matter what time you turn on your dishwasher.
Economy 7 or Economy 10 Tariffs
You can benefit from off-peak hours with the option of an Economy 7 or 10 Tariff.
Economy 7 tariffs give you seven hours of off-peak rates per day, while Economy 10 tariffs allow you to benefit from ten hours of off-peak hours daily.
It’s important to take note that these electricity tariffs will only be worthwhile in reducing costs if most of your electricity usage is at night. The tariff for daytime ‘peak-hour’ use will be charged at a more expensive rate than the normal fixed-rate tariff.
Will An Off-Peak Electricity Tariff Definitely Be Cheaper?
This entirely depends on you. Are you trying to benefit from the cheapest electricity prices? Then using an off-peak tariff will be best for you if you stick to consuming power during the night.
This is ideal for customers who charge their electric cars overnight or have storage heaters. It is also estimated that you can save over 50% on your energy bills by using your high-energy usage appliances (dishwashers, washing machines, dryers, etc.) on an off-peak tariff.
If this isn’t possible in your household or business, you are likely to end up spending even more on electricity bills than usual.
Monitoring your electricity usage is important to get the most out of the energy tariff you choose. Install a smart meter to measure how much energy you use at specific times of the day. This will help you understand your electricity consumption and become more energy efficient.
Switching To An Off-Peak Tariff
Are you thinking of switching energy suppliers?
Compare energy prices from a variety of electricity providers, and find the best rates using Utility Bidder. We’ll help you to pick the top Economy 7 or 10 Tariff option, and find the best energy supplier to save you money.
A Word Of Caution
Every year there are thousands of house fires due to overloaded sockets or faulty wires. Fires that start during the night are more likely to go unnoticed and often result in fatalities.
We recommend that you regularly check all of your appliances, and don’t overload your sockets or extension cords. If possible, have someone on your premises at all times throughout the night.
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