Businesses have lots of things in common, and lots of things that separate them. Not all businesses work the same hours. All businesses want to save money.
For businesses that operate outside of ‘normal’ business hours, they may be able to unite the two. With a Multi rate meter, businesses that operate mainly at night or in the early morning could save money on their energy usage.
What is a multi rate meter?
Multi rate meters are business energy meters that allow users to pay different rates at different times of day. Multi rate meters offer different unit prices for energy at different times of the day.
For example, if your business operates mainly at off peak times, you would pay less for using electricity at these times. Off peak times are usually the evening and weekend. This depends on your energy supplier however.
Different suppliers might provide different meters, that split rates into two or three categories. These are known as economy 7 and economy 10 meters.
What type of businesses should have one?
Not all businesses are suited to a multi rate meter. The important factor is when your business uses its energy. If your primary opening hours are in the evenings, night or weekends, then multi rate tariffs might be best for you.
These types of businesses might be bars, pubs or restaurants. They might also be businesses that work only at night, like nightclubs. Finally, if you do much of your work at night, such as overnight distribution, then a multi rate meter might be appropriate.
Benefits of a multi rate meter
With a multi rate meter, the daytime rate for energy is higher than the night time rate. Understanding whether this would be beneficial for you requires you to understand your bills.
If your electricity usage is largely in off-peak times, a multi rate meter may be appropriate. However, many businesses do not understand their energy usage.
Your water and heating systems can use energy at times you might not realise. A multi rate meter will charge you more for energy used outside of the defined off peak time. As a result, some businesses could find that they actually pay more this way than with traditional business energy meters.
Types of tariffs available for multi rate meters
Economy 7 –
Your energy usage is split into two periods. You have a period of 7 hours in each day where your energy is cheaper per unit. This is usually in the evening or at night.
Economy 10 –
Your energy is split into two or three periods. You have a period of 10 hours a day of cheaper unit prices. This can be 7 hours at night and three in the evening or afternoon. Sometimes the 3 hours in the afternoon are at a different price.
How to get a multi rate meter
To get a multi rate meter, you’ll need to contact your supplier. As a multi rate meter is a replacement, rather than an addition to your meter, you’ll need a meter installation. Not all suppliers offer this, so make sure your current supplier can.
Your supplier will want to make sure that your business is actually suited to a multi rate meter. Ensure you have evidence of your energy usage.
Is it time to switch?
A multi rate meter is not the only way to save money. Often, switching energy supplier is the best way. At BBE, we specialise in helping businesses save money by switching supplier. Contact British Business Energy today, and let us help you save money on your energy.