There has never been a better time to switch to the dual tariff with a free market provider. Historically, the peak-rate charges have been significantly higher than the standard 24/7 rate – but this isn’t the case any longer.
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Firstly, you need a new digital meter, it records your usage through the peak and off-peak periods. There are 14 hours of off-peak time per day, from late evening until the middle of the following day. This is when you can use electricity for less than half the normal rate.
Substantial reductions
Anything you consume during off-peak times is charged at around 50% of the standard kilowatt rate. Most people who use this system typically see around 20 to 25% savings on their bills which over the year, represents a huge saving. Obviously this is also reflected in the amount of electricity tax and IVA you pay.
Things we use all day long like fridges and freezers also provide cost savings, although power used in the peak-time is charged a little higher than normal, the massive reduction for the remaining 14 hours more than compensates for any additional charge.
Applicable Charges
The charge to go onto the dual tariff is around €30 – This is made up by a charge of €15 for meter installation (unless you already have a dual tariff ready meter), and €15 administration charge. The meter charge is made by the grid company and will appear on a future electricity bill and the admin charge is debited from your bank by Iberswitch.
Most people recoup this charge on their first one or two dual tariff bills.
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