Save money with off-peak electricity tariffs

Finding ways to reduce your energy bills is more important than ever. One of the most effective strategies is to take advantage of off-peak electricity tariffs. By installing solar PV, home battery storage, electric radiators and a heat battery, you can maximise your energy bill savings and make the most of time-of-use (TOU) tariffs. Here’s how you can optimise your energy usage and always benefit from the cheapest, off-peak rate.

What are time of use tariffs?

Time-of-use (TOU) tariffs are a type of electricity pricing scheme where the cost of electricity varies depending on the time of the day. These tariffs are designed to reflect the actual cost of generating and supplying electricity at different times. By encouraging customers to use electricity during off-peak times when demand is lower, TOU tariffs help balance the load on the electricity grid and can lead to significant cost savings to consumers who adjust their usage accordingly.

• Variable rates
  Unlike standard flat-rate tariffs where the cost of electricity stays the same all day, TOU tariffs have different rates for different times.
• Peak periods
  These are times when electricity demand is highest, usually in the morning and evening when most people are at home and using energy-intensive appliances, like ovens and washing machines. During peak periods, electricity rates are the highest.
• Off-peak periods
  These are times when electricity demand is lower, often late at night or very early in the morning. Off-peak rates are significantly lower than peak rates, providing homeowners an incentive to shift their usage to these times.

Why choose a time-of-use tariff?

• Save money on your energy bills
  By shifting energy intensive activities - like using your washing machine or charging electric vehicles – to off-peak times, you can take advantage of lower rates and reduce your overall electricity bills.
• Energy efficiency
  TOU tariffs encourage more efficient use of the electricity grid by spreading out demand. This helps reduce the need for additional power plants and infrastructure, which can lead to environmental benefits.
• Make the most of renewable energy
  TOU tariffs can complement the use of renewable energy sources, such as solar power. For example, when solar panels are generating electricity during the day, you can use this free energy or store it in home batteries to use during peak periods.

Examples of time of use tariffs

• Economy 7
  Economy 7 is probably the most recognisable time of use tariff, and is available from many providers. It provides 7 hours of cheaper electricity during the night. It was traditionally used in homes with night storage heaters.
• Economy 10
  Economy 10 is also available from multiple providers and offers ten hours of cheaper electricity, often split into different periods throughout the day and night, allowing for more flexibility in energy use than Economy 7.
• Octopus Flux
  Octopus Flux is a modern TOU tariff by Octopus Energy designed specifically for homes with battery storage. It allows homeowners to export electricity to the grid at high rates during peak times, and import electricity at low rates during off-peak times.

How to make the most of time of use tariffs

By strategically using electricity during off-peak times, you can significantly cut your energy bills.

• Monitor your usage
  Use a smart meter to keep track of your electricity consumption and identify when you use the most energy.
• Shift energy-intensive activities
  If you can schedule activities such as laundry, dishwashing, and electric vehicle charging to off-peak hours, you’ll benefit from the cheaper rates.
• Heat your water with a Sunamp thermal store
  A significant portion of home energy consumption comes from heating water. Sunamp heat batteries use a phase change material to heat water quickly and efficiently. You can charge a Sunamp during off-peak hours, or in the day when your solar panels are producing free electricity.
• Choose ELKATHERM®
  ELKATHERM® electric radiators are an efficient way to heat your home. German manufactured and boasting an A++ energy efficiency rating, ELKATHERM® electric radiators can integrate with your home battery storage perfectly. You can use stored electricity to power your radiators during peak times, reducing your energy costs further.
• Install solar PV
  Solar panels allow you to generate your own electricity during the day when the sun is shining. This renewable energy source can significantly reduce your reliance on the grid. By generating your own electricity, you could run your electric radiators for free during the day. You can also store any excess electricity in home batteries and a Sunamp thermal store.
• Make the most of home battery storage
  Home battery storage systems allow you to store excess electricity generated by your solar panels. You can also charge your batteries during cheaper, off-peak times, and use the stored electricity during peak times, ensuring you’re always benefiting from the lowest possible prices.

Save money with off-peak electricity tariffs

Time-of-use tariffs offer a smart way to manage your electricity costs by aligning your energy consumption with times when rates are lower. By understanding and utilising TOU tariffs effectively, you can enjoy significant savings and contribute to a more balanced and efficient electricity grid.

We can help you optimise your energy use with the latest technology: Qcells solar PV and home battery storage systems, ELKATHERM® German A++ electric heating, and Sunamp heat batteries for hot water. Get in touch today to learn how you can start saving on your energy bills.