Electric Ireland has revealed the exact two hours you should avoid turning on appliances if you want to steer clear of peak rates.
If you are on a time-of-use plan, it is important to know the exact time prices are at their highest so you can reduce your bill. The time-of-use tariffs are a new way for homes with Smart Meters to pay for electricity.
These tariffs mean you pay different rates during different times of the day, in contrast with a "flat" tariff which charges you the same rate regardless of the time.
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Usage is low at night and highest in the late afternoon, when people return from work and many businesses are still open. According to Electric Ireland, it costs more to provide electricity during these peak hours.
Electric Ireland have divided their time-of-use rates intro three different bands:
- Peak: The hours when electricity usage is most expensive is between 5pm and 7pm.
- Day: The second time-band is between 8am-5pm and 7pm-11pm. Electricity charges during these hours is similar to the flat tariff.
- Night: This is between 11pm and 8am and it is the cheapest time of the day to use electricity.
The first of three €200 electricity credits announced in Budget 2023 will be paid to Irish households next month, followed by January and March. The money is due to be deducted from bills automatically.
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