Multi rate meters are great for businesses operating outside peak hours. Ensuring you’re on the right business energy tariff means you will save larger amounts of money.
When comparing business energy with us, we’ll include multi rate tariff options from a selection of suppliers.
Here’s everything you need to know about multi-rates meters.
What is a multi-rate meter?
A multi rate meter provides you with cheaper electricity and gas during certain hours of the day. These are known as off-peak hours. There are typically two types of tariffs available on a multi rate meter, these are known as Economy 7 and Economy 10 tariffs. Each energy tariff offers benefits for suitable users.
Economy 7 is a type of energy plan that means you will pay cheaper business energy rates for 7 hours during the night. Many business energy suppliers charge up to 50% less during these hours. Many businesses who operate throughout the night will save large amounts of money by opting for this type of tariff.
Economy 10 works in a very similar way. However, you will pay cheaper business energy rates for 10 hours off-peak rather than 7. Again, this could save your business large amounts of money if you use the majority of your energy at certain times of the day.
Warning – Whilst you will be paying cheaper business energy rates during off-peak hours, the rates are usually much higher during peak hours. This means that businesses must use most of their energy during the off-peak hours to actually save money.
Other types of multi rate meters
For most businesses, a standard multi rate meter will be sufficient to see bug savings. However, many business energy suppliers offer something called a three rate meter.
A three rate meter is great for bars and nightclubs. This is because this multi rate meter charges three different rates for evening, weekend and nighttime. Typically, the most expensive rate will be evening, followed by a slightly cheaper rate for weekend and the cheapest rate for nighttime hours.
Do I need a multi rate meter?
Each business is different. Multi rate meters are great for businesses who operate mainly in the evening, night time or weekends. As multi rate meters usually have a higher rate for peak hours, it is important to monitor how your use your business energy before committing to a contract.
If your business uses very large amounts of energy, you may be required to have a half hourly meter. This type of meter automatically sends readings to your business energy supplier every 30 minutes to ensure you’re billed accurately. These meters are required by law if your business uses more than 100 kW of electricity or greater every year.
How do I get a multi rate meter?
Once you you compare business energy suppliers and select a tariff that requires multi rate meters, your new supplier should get in touch to arrange the new meter installation. These are free of charge and covered by your new energy supplier.
Once you have all your multi rate meters installed, you will have an official switch over date and you can start saving on your business energy.
To start your switch, compare business energy prices here.