With rising energy prices, it is worth looking at your energy usage to see if you can save money on your energy bills. By changing to a time-of-use electricity tariff you can capitalise on the off-peak energy prices, and reduce the cost of your energy bill. Off-peak electricity is normally between 12 pm and 5 am, though each provider may vary, with some being from 11 pm to 6 pm and others from 10 pm to 7 pm. It is extremely important that if you are using a time-of-use electricity tariff, you know the exact times that are considered off-peak. Prices during peak times and off-peak times vary, and if you have a standard energy contract then you will pay the same flat rate no matter what time of day you use your energy. However, with a time-of-use tariff, you will be charged one rate during peak hours and one rate during off-peak hours. As long as you plan your energy usage carefully, you will be able to save money on this tariff. Many people then choose to invest in a household battery, so that they can buy their energy during off-peak hours, store it in their home battery, and then use it freely when needed, normally during the peak hours. By using this system you can save money on your household energy bills.
What Are Peak and Off-Peak Electricity Times?
Peak electricity hours are during the day and include the morning and evening. These are the hours when the most energy is used. Off-peak is during the night time and can be anywhere from 11 pm to 6 am, however, the precise off-peak hours in relation to your energy pricing will be specific to your energy company, so always check the exact timings. Off-peak is when less energy is used across the grid. Electricity prices vary during the day, so when the demand is high, peak time, the price is high, and when the demand is low, off-peak, the price is low. This is, in part, due to the fact that off-peak energy usually uses more renewable energy.
Understanding Time-of-Use Tariffs
However, off-peak and peak energy prices will only affect you if you take advantage of a time-of-use tariff. If you are trying to save money on your energy bill, then it is worth looking into time-of-use tariffs and seeing whether you could save money.
Standard-Rate Tariffs vs. Time-of-Use Tariffs
With a standard rate electricity tariff, you are charged the same flat rate no matter what time of day you use your electricity. With a time-of-use electricity tariff, you are charged an off-peak price and a peak price. According to the Money Supermarket, “It’s estimated that to benefit financially, at least 40% of your electricity usage should occur during off-peak hours.”
Economy 7 and Economy 10 Tariffs
As the names suggest, Economy 7 and Economy 10 give you 7 or 10 cheaper hours of electricity during off-peak hours. This can save you money as long as you change your consumption habits to fit in with the economy hours.
Other Time-of-Use Tariff Options
As time-of-use tariffs become more popular as more and more people look for ways to reduce their energy bills, there are more different time-of-use tariffs becoming available. It is always worth looking at the different options and finding the best fit for your household.
When Is the Cheapest Time to Use Electricity in the UK?
If you are on standard tariffs, then you will be charged the same rate for your electricity usage, no matter what time of day you use it. If you are on a time-of-use tariff, then your contract will have two prices, a peak price, and an off-peak price. The off-peak price will be cheaper and this will be during the nighttime typically from 11 pm to 6 am.
How to Take Advantage of Off-Peak Electricity
If you are thinking of changing to a time-of-use contract, then it is really important to think about how you will use your electricity to get the most out of this contract. The easiest way is to invest in a home storage battery, then you can simply set the battery to charge up from the grid during the off-peak hours, and then you can just use the electricity as normal. If you are not using this system, you will need to have all your appliances set on timers, so that they work overnight.
Benefits of Using Off-Peak Electricity
Off-peak electricity is cheaper if you are on a time-of-tariff which is very beneficial to your bank balance. It can also be better environmentally, as the energy used during off-peak hours is often renewable when the demand on the grid is less heavy.
Are Off-Peak Tariffs Always Cheaper?
Off-peak electricity prices are only cheaper if you have a time-of-use tariff, and you use it correctly! If you aren’t careful and end up using too much electricity during peak hours, it could even cost you more money, as you will be buying too much electricity at peak prices.
How to Check If You’re Eligible for Off-Peak Tariffs
Take a look at available off-peak tariffs on an energy comparison website, or ask your current provider whether they offer suitable off-peak tariffs that would suit your needs.
Other Ways to Save on Electricity Costs
Changing to time-of-use tariffs isn’t the only way to save money on your electricity bills. Investing in solar panels will save you money on your electricity bills by generating your own power from the sun. On a simpler note, remember to turn off your plug sockets, switch to energy-saving lightbulbs, and try to be more aware of your energy consumption.
Invest in a Duracell Energy Home Battery to Help Reduce Your Electricity Bills
Choose a Duracell Energy home battery to take advantage of time-of-use electricity tariffs and enjoy savings on your electricity bills. Embrace a greener tomorrow, with Duracell Energy home batteries today. Simply use our online quote calculator to help you choose the best home battery storage set-up for your home.