Multi-rate meters are very useful for businesses who operate outside of typical peak hours. Whilst reducing business energy costs, multi-rate meters have also been growing in popularity for domestic customers.
Love Energy Savings quickly compares business energy quotes from a large selection of suppliers. These business electricity prices will show you how much you could save using a multi-rate meter.
Here’s everything you need to know about multi-rates meters.
What is a multi-rate meter?
Multi-rate meters offer tariffs with cheaper electricity prices at certain times of the day. For example, popular tariffs include Economy 7 and Economy 10. Each energy tariff offers benefits for suitable users.
The cheaper tariff price times are usually known as ‘off-peak’. These hours vary depending on the supplier and where you live in the UK.
What tariffs are available for a multi-rate meter?
Economy 7 (Two-rate meter)
A two-rate meter is commonly known as an Economy 7 meter. This meter splits 24-hours into two periods. This is known at peak and off-peak usage. Off-peak times are cheaper so have lots of benefits for business operating at these times.
Typically, multi-rate meters are popular with bars/ restaurants and manufacturing companies who operate machinery throughout the evening. However, any business using energy during off-peak times will see significant savings.
This meter takes weekend usage into consideration. Alongside typical peak and off-peak times, you will pay a different rate on weekends.
Do I need a multi-rate meter?
This depends on how you use your business energy. For example, if your business primarily operates in the evening or at night, a multi-rate meter will save your business money.
It’s important to note that despite the cheaper periods of energy, peak times will be charged higher than other fixed tariffs. It is important to fully understand when your business uses the most energy to benefit from the savings.
If a business consumes large amounts of energy, they also may be required to have a half-hourly meter. These meters take automatic meter readings every 30 minutes. These readings are then sent directly to the supplier. This can help a larger business get a handle on their energy consumption to help them become more energy efficient.
What are the benefits of a multi-rate meter?
Multi-rate meters allow some businesses get cheaper electricity prices during their main operation times. Multi-rate meters are popular with business' who mainly operate at night-time or over weekends.
How to switch to a multi-rate energy contract
Understanding how your business uses energy will provide the most savings. It can be more difficult switching your business energy supplier in comparison to domestic energy. It will make the process easier if you have your MPAN and MPRN numbers handy. This information will help you source accurate energy quotes.
Love Energy Savings will work with your business to ensure you’re getting the best deal available. We will also consider your specific usage habits to ensure you’re getting the best price.
You can use our free energy comparison tool as a start to see how much you could save on your energy.
Once we have searched our hand-picked panel of suppliers, we’ll handle the switch for you. You will be provided with a dedicated account manager to manage the process. They will also ensure you’re always getting the best deal and will be in touch if you could be saving more money. This includes reminding you when your renewal window opens.
How do I know if I have a multi-rate meter?
Multi-rate meters typically look like any other digital meter but with one difference. Usually, if you are meter is multi-rate it will say so in grey lettering above the digital screen. The display will usually alternate regularly between the two readings so you can get an accurate multi-rate meter reading.
What are MPAN and MPRN numbers?
An MPAN number is unique to your electricity meter and is sometimes called an Electricity Supply Number. This helps identify the meter in your business or property. You’ll be able to find your MPAN number on a recent electricity bill and is usually labelled ‘Supply Number’.
An MPRN number is a unique identifier for your gas meter and works the same way as your MPAN number.
What is an Economy 7 meter?
An Economy 7 meter tracks your energy usage separately during the day and night, charging you two separate rates for each period. You can read more about Economy 7 meters here.
What is an Economy 10 meter?
An Economy 10 meters charges you cheaper rates during off-peak times and will usually add up to 10 hours of cheaper electricity during a 24-hour period.