Cheaper tariffs are available for certain times of the day and night, whereas other tariffs remain more expensive throughout the day.
The cheapest plan is usually found in off-peak hours because suppliers can freely buy electricity to meet demand while prices stay low. To save even more money on your energy bills, look into whether you can switch to a cheaper tariff at off-peak times.
Suppliers like Corona energy are independent electricity and gas suppliers in the UK which offer flexible tariff plans for UK businesses.
When do I use the cheapest electricity tariff?
During weekends and bank holidays when you are not home! During the night (11 p.m. To 7 a.m) is when you will see the cheapest electricity usage rates.
Sometimes at peak hours, energy supply is scarce. The market price of electricity then goes up because it becomes more lucrative for suppliers to sell their products. They may need to resort to expensive short-term contracts (STCs).
The cost of using electricity varies substantially depending on when you use it. For example, the average price in January 2017 was about 14 pence per kWh during the day but fell to 7.5 pence per kWh overnight.
How To Use The Cheapest Electricity Tariff?
If your meter provides data for different periods (i.e., day and night), it's simply a matter of grouping together the same times of the day. For example, if your meter tells you that you used electricity for three hours between 7 p.m and 10 p.m.
Each evening, get in touch with your supplier and change to a tariff where energy is cheaper at night.
To be able to use the cheapest electricity tariff, you need a smart meter. Your supplier can install one for free or a small fee if you do not already have one installed.
Besides showing how much electricity you are using and when a smart meter has an in-built radio transmitter that allows your supplier to switch your tariff at the most advantageous time.
Your supplier can switch tariffs automatically, but most companies require at least two weeks' notice before they will do so. It is why it's important to group periods of nighttime usage, or else you may find yourself being charged more than necessary.
How To Get The Cheapest Electricity Tariff?
If your supplier does not offer you the best tariff at night, switching might be best. With so many energy suppliers available in the market, you can always compare the rates by getting quotes from different suppliers. By comparing, you will be able to find a company that offers a better price for electricity at night.
How much can I save?
The amount of money you can save by going onto a cheaper plan depends on how much you use your appliances during the night. If you didn't know already, a lot of electricity is used during the early morning hours to power devices such as televisions, microwaves, and even computers left on standby overnight.
In addition to cutting out this waste, you can also save more money by turning off unused electrical appliances (such as lights and kitchen appliances) during the day.
You could save approximately £200 on your electric bills each year by switching to a cheaper tariff plan. Switching suppliers can also reduce any confusion about how much electricity is being used at which times of day, leaving you with one less thing to worry about.