Molly Ayala
In the UK, the price of electricity varies depending on the time of day. This is because the price of electricity for suppliers changes throughout the day as usage rises and falls. During periods when the UK uses the least electricity, suppliers can buy it for lower prices. This is known as off-peak electricity, which typically occurs at night, during weekends, and on holidays. Off-peak electricity rates are often cheaper, and some energy suppliers offer discounts or special tariffs for customers who use more electricity during these times.
| Characteristics | Values |
|---|---|
| Cheaper electricity times in the UK | Between 11 pm and 6 am or 7 am |
| Cheaper electricity times for Economy 7 tariff | Between 12 am and 7 am or 8 am |
| Cheaper electricity times for Economy 10 tariff | 10 hours of off-peak electricity spread across both night and daytime slots |
| Cheaper electricity times for EV tariffs | Between midnight and 5 am |
| Cheaper electricity times for Agile Octopus tariff | Changes every 30 minutes |
| Cheaper electricity times for Cosy Octopus tariff | Three periods per day |
| Cheaper electricity times for Intelligent Octopus Go tariff | Anytime |
| Factors affecting the price of electricity | Usage, demand, and time of the day |
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What You'll Learn
Off-peak electricity times
Off-peak electricity hours refer to the times of day when people use less electricity, and grid demand is lower. These periods usually occur overnight, on weekends, and during peak holiday periods.
The off-peak hours for your energy pricing will be specific to your energy company, so always check the exact timings. However, off-peak hours typically fall between 11 pm and 6 am or midnight and 7 am. Some providers offer off-peak rates from 10 pm to 7 pm or 12 pm to 5 am.
During off-peak hours, suppliers can buy electricity at lower prices due to reduced demand, and they pass these savings on to the consumer. Off-peak electricity is particularly beneficial for households with storage heaters, electric vehicles, or those that consume a lot of electricity overnight. By taking advantage of off-peak rates, you can reduce your energy costs and gain greater control over your energy consumption.
To benefit from off-peak electricity rates, you typically need a smart meter or a specific meter associated with your tariff, such as an Economy 7 meter. These meters accurately track your energy usage, allowing you to make informed decisions about when to use electricity. Some suppliers, like Octopus Energy, offer ultra-low rates for electric vehicle charging during off-peak hours.
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Time-of-use tariffs
In the UK, the price of electricity is dependent on the demand for it. During periods when the UK uses the least electricity, suppliers can buy electricity for lower prices, and this saving is passed on to the consumer. This is known as off-peak pricing.
There are several time-of-use tariffs available in the UK, including Economy 7 and Economy 10, which give you 7 or 10 cheaper hours of electricity during off-peak hours. The off-peak hours for Economy 7 are usually between midnight and 7 am, while Economy 10 offers a mix of daytime and off-peak hours. Other providers, such as Octopus Energy and EDF, offer ultra-low rates overnight for electric vehicle (EV) owners.
To take advantage of off-peak pricing, you will need a smart meter, which accurately tracks your energy use throughout the day. This allows you to make informed decisions about your energy usage and take control of your energy spending.
It is important to note that time-of-use tariffs may not be suitable for everyone. If you end up using too much electricity during peak hours, you could end up paying more. Therefore, it is essential to consider your energy usage patterns before switching to a time-of-use tariff.
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Economy 7 and Economy 10
In the UK, the price of electricity varies depending on the time of day. This is because the price is determined by usage—when demand is high, the price is high, and vice versa. As a result, electricity is usually cheaper at night, during off-peak hours, when less electricity is being used across the country.
To take advantage of these lower prices, you can sign up for a time-of-use tariff, which will charge you a lower rate during off-peak hours and a higher rate during peak hours. Economy 7 and Economy 10 are two examples of time-of-use tariffs.
Economy 7
Economy 7 is a tariff that offers a cheaper rate of electricity during a seven-hour window at night, typically from midnight to 7 am, though this can vary between suppliers. During the daytime, you will be charged a higher rate. Economy 7 is designed for households that can use a significant amount of electricity overnight. If you use storage heaters or have electric appliances that you can run during the night, Economy 7 could help you save money.
Economy 10
Economy 10 is very similar to Economy 7 but offers 10 hours of cheaper electricity instead of seven. You get the same seven hours of cheaper night-time electricity as Economy 7, but you also get three extra hours during the day. Economy 10 may be more appealing if you want cheaper electricity during the daytime, but standing charges can be higher for this tariff.
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Dynamic pricing
To take advantage of dynamic pricing, a smart meter is required to record consumption and pass the information on to the energy provider. With the right technology, such as solar panels, a home battery, or an electric vehicle, dynamic pricing can be a powerful tool for consumers to save money and support the transition to renewable energy.
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Smart meters
Additionally, smart meters offer tariff flexibility. Consumers can switch between two-rate tariffs and standard deals without needing to install a new meter, which often incurs additional charges. Smart meters also provide access to new tariffs, such as time-of-use tariffs, which charge different rates at different times of the day. This allows consumers to take advantage of off-peak rates, further reducing their energy costs.
To get a smart meter installed, consumers can contact their energy supplier to arrange a suitable time and date for the installation. The installation process typically takes one to two hours and involves temporarily switching off the power supply. Consumers should ensure their meter is easily accessible to the installer and may also receive safety and energy efficiency advice during the installation process.
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Frequently asked questions
Peak hours refer to periods of high energy demand, usually during the day, morning and evening, when people are getting ready for work and school or returning home. Off-peak hours are the opposite, typically at night, on weekends and during holiday periods, when demand is lower.
When demand falls, the price drops. During off-peak hours, suppliers can buy electricity at lower prices and pass these savings on to the consumer. Off-peak pricing also encourages consumers to shift their usage to quieter periods, reducing stress on the national grid.
You will need to be on a time-of-use tariff, which offers a peak price and a cheaper off-peak price. Economy 7 and Economy 10 tariffs are common in the UK, giving you 7 or 10 hours of cheaper electricity. You will also need a smart meter to accurately track your consumption.
A smart meter provides real-time insights into your energy usage and sends readings directly to your supplier. If you can see data on your energy usage throughout the day, you likely have a smart meter.
Agile Octopus is a dynamic tariff that changes price every 30 minutes. Octopus Go guarantees lower rates for charging electric vehicles. Cosy Octopus offers heat pump owners multiple off-peak phases. Next Drive by Eon offers a long off-peak window for EV owners.
