What is Economy 7?
Economy 7 is an electricity tariff that charges different prices for electricity depending on the time you use the electricity. There will be 7 hours of cheaper rate electricity, usually at night, and then the rest of your electricity will be charged at a normal rate.
Would Economy 7 be good for me
Typically, Economy 7 is used for households that have night storage heaters so they can heat up whilst the cheap rate electricity is on and then release the heat over the rest of the day.
There are other reasons why you may want to consider economy 7. For example if you own an electric car like the Nissan Leaf for example where you can then charge up the vehicle overnight for around 5-7p per kilowatt compared to 13-20p a kilowatt.
You can also set your washing machine and dishwasher to run during the cheaper electricity time as well. So there are plenty of ways you can plan your life to get the most from your economy 7.
Its worth pointing out though that if you pick an economy 7 tariff you will most likely to either have to pay a higher standing charge or a higher rate for your peak time units. As a rough guide if you think or can use 25% or more of your total electricity during the cheaper rate then it may work out better for you.
How do I know if I have economy 7?
You and look at your meter and if you have economy 7 you will have two sets of numbers. The Meter number on your bill will start with a ‘02’. If you are not sure you can always call your Electricity Company and they will know.
Switching to Economy 7
If you don’t currently have Economy 7 and would like to switch to it you will need to have an economy 7 meter installed at your home. Before you do this you should compare economy 7 prices using our calculator and just tick the box that says economy 7. You will then need to estimate the percentage of energy you will use during the cheaper rate so that we can help you to find the best supplier to switch to.
You may have to pay to have your meter switched over.
Switching from Economy 7
If you decide you want to switch from Economy 7 to a standard electricity tariff you will need to contact your electricity supplier. Some will insist that you have your meter changed where as others will allow you to keep your existing meter and just add the low and high usage together.
If you do have to have your meter changed there may be a charge.