timepris

Timepris, also written timpris in Swedish and Norwegian, is a term used in several Scandinavian languages to denote the price charged per unit of time, i.e., an hourly rate. In its most general sense, timepris refers to billing methods where charges accrue according to the amount of time spent on a task or service. The term is widely used in service industries, where contractors, consultants, and tradespeople quote an hourly rate. Timepris contracts typically require time tracking and may include minimum charges, rounding rules, and travel time considerations.

In energy markets, timpris or timepris denotes the hourly price of electricity. In liberalized electricity markets, prices vary by hour depending on demand, supply, and grid conditions. Consumers can be billed according to an hourly tariff or use price information to adjust consumption, often paired with tools showing real-time or next-hour timpris. Providers may offer time-pris plans with higher rates during peak hours and lower rates off-peak, aligning consumption with price signals.

Advantages of timepris include transparency and alignment of costs with actual effort or consumption, incentivizing efficient use of services or electricity. Limitations include the need for precise time-tracking, potential volatility, and greater budgeting complexity for individuals and small businesses. Timepris contrasts with fixed-price or value-based pricing, where the total cost is determined upfront or by perceived value rather than by duration.

Related concepts include hourly rate, dynamic pricing, and time-of-use pricing.