Winter is only few months away and many of us are surely worried about how much we're going to be spending on energy and heating.
Energy regulator Ofgem announced recently that the energy price cap would be rising to £3,549 from this October, surely adding pressure to already tight budgets.
If you're looking to save money on energy bills, one tip to keep in mind that using your household appliances at certain times during the day could help you cut back on bills.
Here's what you need to know about time of use tariffs and the cheapest time to use your household appliances.
What are time of use tariffs?
Time of use tariffs involve charging higher prices on energy use during hours of peak demand – between 4 and 8 pm – and lower prices during other times of the day.
These tariffs are intended to reduce the price of energy and help us save money on energy bills.
If you are certain tariffs such as Economy 7, Economy 10 and Dynamic Teleswitching, you could end up paying more if you use your appliances at the wrong time of day.
The most expensive or cheapest time to use your appliances may vary depending on the company you use, tariff or location. However, peak hours typically tend to be during the day and evening.
What are cheapest times to use household appliances?
If you're signed up to time of use tariffs, the cheapest times for you to use energy will likely be at night time and in the early hours.
So, if you're looking to save money it might benefit you to set your highest energy guzzling appliances like washing machines and dish washers for an overnight cycle.
However, the times can vary depending on the company you are signed up to.
For example, for EDF customers the off-peak hours are likely to be between 11pm and 8am. While Bulb's off-peak hours are typically between 10pm and 8am.
It's worth noting that while time of use tariffs are useful for cutting your energy bills, it might not save you much money even during off-peak hours, if you've already been on these tariffs for a long time, according to Citizens Advice.
