No Coupon Needed for Discounted Electricity
Everyone has been there. You go to a store to get a pair of those trendy new shoes and find that there’s only one pair in your size left in stock. Feeling pretty darn satisfied with your good fortune, you quickly make your way up to the register, holding on tight to that precious box just in case someone tries to snatch it from your hands. You weave in and out of aisles; avoid those annoying sales people asking you to try some rank perfume; dodge that crazy mom swinging her purse trying to round up her rebellious kids; and slide gracefully to the first open register as you perform a mental victory dance. The cashier calculates your total while you fumble for your 30 percent off coupon. Ten seconds later, you realize your nightmare is coming true…you left the coupon on the refrigerator!
You may not realize it, but a similar situation could be happening every time you pay your electric bill. There’s probably no tangible coupon, but there is a way to obtain electricity at a lower price. The next time your utility bill comes in, check and see if there is a section that reads “off-peak charges.” If there is, then it’s your lucky day.
On-Peak vs. Off-Peak Charges
Many utilities use what’s known as a “Time-of-Use” service rate, which means the price of your electricity changes throughout the day. During on-peak hours, demand for electricity is at its highest, and so are the rates. During off-peak hours however, both demand for electricity and price per KWh drop. Each supplier may have different time frames for off-peak hours, but most will fall in the range of 10pm to 6am. Call your supplier directly to see if you can participate, or click here to find one that’s right for you.
Saving Money with Time-of-Use Pricing
If you are willing to shift a majority of your electricity consumption to later hours, then you are sure to see a significant reduction in your energy payments. Parul Goel, a customer of PSEG, modified her lifestyle to coincide with time-of-use pricing and was able to see the benefits of this initiative.
“I almost saved $30 every month. It’s month after month, and it’s not that you’re doing something special. And after 12 months, you have $360. So for waiting for a couple of hours at night, you save a couple of hundred dollars a year,” she explained.
Doing laundry and running the dishwasher at night may take a little more effort than normal, but if you’re looking for a way to cut corners and save some extra cash, this may be the way to do it. Give it a try for the next couple months and see if you think it’s worth your while.
After that, come back to YourEnergyBlog and let us know how it worked out for you. We love a good success story!
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