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Freedom for business tariff. Help, advice and support. Contact us. Frequently asked questions. Gas and elec emergencies. Save energy. Electric vehicles. Start EV journey. Charging infrastructure. Bespoke solutions. Large business. Buying energy. Energy sources. Fixed price electricity contracts. An Economy 7 electricity tariff is one that gives you lower rates at night and more expensive ones during the day. Economy 7 tariffs are used alongside Economy 7 meters, which help to determine the price per kWh according to the time of day.
The different rate per kWh means customers will be rewarded for their preservation of energy and is a good way for energy-conserving consumers to save money on their annual bill.
The cheaper rate usually runs between midnight and 7am, with the more expensive rate covering the rest of the day. However, precise timings and cost can vary depending on your supplier. For those who are out for longer periods during the day and therefore use less energy during the higher rate per kWh period, the Economy 7 tariff would be an appropriate choice. For someone who is willing to make sacrifices and change their habits, you could end up saving money using an Energy 7 tariff.
Of course, the main benefit of having a smart meter is that it sends the readings to your supplier automatically, with an Economy 7 smart meter being no different.
As mentioned above, Economy 7 is not for everyone. Whether or not you save money will depend on the following factors:. In some circumstances you may be able to arrange to carry on using your Economy 7 meter when you switch to a standard tariff; again, your current supplier should be able to tell you if this is the case. When you do your comparison with Uswitch, we ask if you have Economy 7 - if you say that you do, we'll tailor your results so you only see relevant tariffs.
Compare Economy 7 prices now to find the best electricity prices for you. Economy 7 can save money for some households, but it is not the right electricity tariff for everyone. Some people with Economy 7 find that it makes their bills more expensive, because they don't use enough energy during their Economy 7 times. Whether or not it will be cost-effective for you will depend on a number of different factors:.
Some Economy 7 plans charge almost twice the standard night rate for any electricity used in the day, which can cancel out the benefits of the cheap electricity you get at night.
The more electricity you use at night and the less you use in the day, the more money you will save with Economy 7 energy. An Economy 7 tariff is best suited to people who have electric storage heaters and a hot water tank.
The idea is that you heat up the electric storage heaters overnight and that they slowly emit the heat the next day, and that you heat all your hot water for the next day overnight too. If you heat your home and water with electricity, but don't have storage heaters or a hot water tank, Economy 7 energy probably won't be so cost-effective for you.
If you heat your home and water with gas, Economy 7 could still be a good fit for you, provided you use the bulk of your electricity at night. To make the most of Economy 7, it helps if appliances like your dishwasher, washing machine and tumble dryer have a timer so that you can run them overnight during the cheaper Economy 7 times. If you have storage heaters and a hot water tank, you will probably find that your home and water will be nice and warm in the morning, but will cool down again by the evening.
Think about whether or not this fits in with your lifestyle. If you work unusual hours for example, you may find that your routine fits in with Economy 7 times because you use the bulk of your electricity at night anyway.
Amy: In switching, it asks me if I have an Economy 7 meter. How do I know that? Can I find that on my bill? Tom: An Economy 7 meter is a type of electricity meter that gives you two rates depending on the time of day. Essentially, they charge you more for using electricity during the day and less for using electricity at night.
If you were, that would say 02 instead. Tom: Also, on the electricity breakdown here, you would have two unit rates.
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