Unlock savings! Harness off-peak power rates for laundry, cooking, and charging. Lower bills, smarter energy use. Time it right!
Reducing your electricity bill is not easy – from checking the best energy efficient appliances to checking different energy plan options. But are you aware that the price and demand for electricity vary from day to day and even by the hour? Educating yourself with knowledge and options can make a big impact on saving money on your bills.
Off-peak times fall into periods when the majority of the households aren’t using as much electricity. Off-peak electricity is charged at a cheaper or discounted price. This depends on your provider, location and meter type, configuration.
Off-peak electricity can also refer to electricity being used by a stand-alone appliance, like an electric hot water system on a dedicated circuit. This appliance is metered separately and can be billed on off-peak rates.
Your meter type should be able to access off-peak times, then you need to sign up to an energy tariff that has an off-peak rate. Remember, single-rate meters can’t access off-peak electricity times.
Two-Rate meters. It measures usage for peak times and off-peak times. Your energy tariff defines the rate and time of the day for peak and off-peak usage.
Interval meters. This is also known as “time of use meters”. It measures the amount of electricity used over a 30-minute period. This type of meter can record energy usage according to the time of day, relevant to users on pricing plans which incentivize consumption during non-peak and shoulder periods.
Controlled Load. It is used in addition to your general usage meter and charged for electricity at a single rate. The appliance connected only receives electricity during off-peak hours.
Off-peak electricity cots about one-third to one-half per kilowatt hour (kWh) of the price of peak electricity. Exact rates totally depend on your energy plan.
Electricity indeed costs more at peak hours and using off-peak electricity can save you a lot on your energy bills. The higher the demand for energy, the higher it will cost you. Beyond the savings, this can also be a more convenient option for many household chores especially if you’re spending most of your daytime at work.
Check out Econnex for more ways on how to save on energy at home.