Do you know what kind of business energy meter you’re using? If the answer is no, don’t worry, you’re not alone! Business energy meters are one of life’s many mysteries, which are best left to the experts. However, if you are interested in saving money on your utility bills, then it makes sense to get clued up on the different types of business energy meters available.
The single rate meter is by far the most common type of business energy meter. As the name suggests, it will charge you a single rate for energy, no matter what time of day you use it. It’s a popular choice for traditional 9-5 businesses, such as offices, shops and cafes, because they will only be using the energy for specific hours in the day.
The most popular types of two rate meters are the Economy 7 or the Economy 10, which offer reduced price energy for seven or ten off-peak hours, usually between 12 am and 8 am, and 10 pm and 8 am. The other kind of two rate meter is the Evening Weekend Meter, which offers reduced energy prices during the evening and weekend hours. As a result this type of meter is popular with bakeries and other companies that use storage heaters.
A slightly more complicated energy meter is the three rate meter, which offers three tiers of energy prices for daytime, evening and weekend. These meters work by providing peak energy rates for one period, and off-peak energy rates for the other two periods. Consequently, this type of meter is a popular choice for nightclubs, bars and restaurants as they can make the most of the reduced rates.
This is by far the most complex of all the meters, as it offers different rates, at different times of the day and at different times of the year. Therefore, there can be anything from 4 to 56 different rates available, which means a very complicated bill. These are only worthwhile if you have a seasonal business with peaks and troughs.
If you are a high-demand energy user, you will probably have a maximum demand meter, which will offer either a single rate or two rates.
At the moment, all of these business energy meters provide one reading per year, which is then used to predict your energy usage for the year ahead. Changes are currently in place to switch all maximum demand meters to half hourly meters, which will send a reading every half an hour and provide you with a more accurate bill.