You have the option of using Azure SQL Serverless that is able to auto-pause after X minutes and you pay per minute instead of per hour.
For other Azure SQL flavors (DTU-model, vCore-model) you scale down the service tier during non-business hours or during the weekend.
With Azure SQL DTU-model you don't have to pay licesing fees.
In addition, you can take advantage of reservation discount for Azure SQL Database.