Those who want to benefit from off-peak electricity tariffs will tend to be presented with two options: Economy 7 and Economy 10.
Economy 7 tariffs offer seven hours of off-peak time
Economy 10 tariffs offer 10 hours of off-peak time.
However, if you decide to opt for either an Economy 7 or Economy 10 tariff, this will lead to your daytime business energy prices being more expensive when compared to a normal fixed-rate tariff. So, to save money by making this switch, the majority of your business’ electricity usage would need to fall during the night – in those off-peak hours.
Due to the extended off-peak run time offered by Economy 10 tariffs, you’ll find they’re less widely available for businesses.
Whether you use an Economy 7 or Economy 10 tariff, the main benefits you can yield depend on whether you use the bulk of your electricity during the night. As the unit price is lowered during these off-peak times, you can save a significant amount of money on your electricity bill each month – despite peak times becoming more expensive in the process.
If your business primarily operates during the night, this could result in your costs being significantly reduced. For instance, if you run a late-night establishment like a , or takeaway restaurant, for example, you don’t benefit from having a fixed-rate tariff. Your premises aren’t open during the day, so you might as well tip the scales in your favour by lowering the electric bill for your off-peak hours.
Your business doesn’t necessarily have to be open specifically during the night, either. If you have a fleet of electric vehicles, for instance, you could benefit by charging these vehicles during the night.
Despite the potential advantages on the table, a balancing act is still required to get the most out of the Economy 7 and Economic 10 off-peak electricity tariffs.
Due to the energy unit rate becoming more expensive during the day, monitoring your electricity usage is more important than ever. This is why Economy 7 and Economy 10 tariffs typically require you to install a special energy meter within your business premises. This meter allows you to continuously monitor your energy usage.
Whether it is overloaded sockets or faulty wires, fires derived from electricity usage affect thousands of properties each year. Sadly, if a fire were to start during the night, this is less likely to be detected before the issue turns fatal.
As a result, if you plan to make use of an Economy 7 or Economy 10 off-peak electricity tariff, it is important someone is present on your premises at all times during the night. If this isn’t possible, make sure you check all electrical appliances regularly and avoid overloading sockets.
Searching for the best off-peak electricity tariff? The good news is switching business energy providers is a simple process. Compare business energy rates from top UK energy suppliers with Utility Bidder to find the best Economy 7 or 10 tariff. Start your business energy comparison now, get in touch with our energy experts to find out more.
