What’s in this guide?
If you are wondering what Economy 10 means, essentially an Economy 10 tariff means that you could benefit from 10 hours of cheaper energy at night, with slightly higher rates in the day. Similar to Economy 7 where you get 7 hours of cheaper energy.
If you work at night or you are out for most of the day, you could make some serious savings by switching to an Economy 10 meter.
Let’s take a closer look at Economy 10 tariffs, including what it is, how you can switch and whether it could be the best option for you.
What is an Economy 10 tariff?
Unlike the Economy 7 tariff, the Economy 10 tariff gives their customers 10 hours of cheaper electricity a day, which is split between seven hours of lower rates at night and three hours in the day.
Often the ten cheaper hours are around half the price you can expect from an average tariff.
However, it is important to note that the rest of the 14 hours are usually far more expensive.
This is why you should consider whether your energy consumption habits make it worthwhile to switch to an Economy 10 tariff.
Switching to an Economy 10 meter
Considering a switch to an Economy 10 meter? Switching is usually complicated, as it involves getting an Economy 10 installed should you have a standard credit meter.
Economy 10 meters will display two or three different meter readings, depending on how many different rates you will be paying.
While your supplier should be able to provide you with an Economy 10 meter, you should take into consideration that it may be expensive and set you back.
Similarly, switching back to a standard credit meter may also set you back – so it’s important to decide whether you think those two payments would be worth it in case you realise it’s not for you.
Let’s take a look at the pros and cons of an Economy 10 meter and tariff, to see whether it might fit in with your lifestyle.
Economy 10 pros
✔ Cheap electricity for 10 hours a day
✔ Save lots if you are out of the house most of the day
✔ Flexibility with the few hours of more affordable power in the day
✔ Significant savings by using your expensive appliances at night
✔ Ideal for those with electric storage heaters or electric vehicles
Economy 10 cons
✗ The high cost of switching meters
✗ Peak times may be costly
✗ You need to make sure you are using most of your energy in the off-peak times
How to read an Economy 10 meter
Economy 10 meters are often more complicated than standard ones because they have more than one reading that you must take.
Depending on your energy provider, your meter should display either two or three readings which are for daily peak usage, night low usage and day off-peak usage.
Often, your meter will have a button that allows you to scroll through these options.
Remember that submitting meter readings frequently helps your supplier bill you accurately, which can stop you from being overbilled or underbilled for your energy.
As underbilling could lead to something called ‘backbilling’, where your energy supplier bills you for x amount that you haven’t paid, this can sometimes lead to customers having a sudden bill for up to thousands of pounds.
That’s why taking regular meter readings is essential.
Is an Economy 10 meter right for me?
Is an Economy 10 meter right for you?
It depends entirely on your circumstances.
Do you use most of your energy at night?
When you use your expensive appliances, could you use them only in your cheaper off-peak times?
Do you have an electric storage heater?
If you think these apply to you, then an Economy 10 meter and tariff could be the best option for you.
Is switching complicated?
Years ago, switching was complicated and stressful.
However, regulations are now protecting you as the customer from this stress. Your new supplier will take care of everything for you.
How long does it take to switch?
Energy suppliers have a 14 day cooling off period where you can cancel your switch without a fee. Energy companies do not do anything during that period.
After that, however, it can take around four to six weeks to complete the switching process.
Energy companies will keep you updated on your switch.
Aren’t all energy suppliers the same?
Many energy suppliers are almost identical in specific ways as they receive their energy generally from the same place, with a few green energy exceptions where companies invest in renewable energy generators.
However, it’s not all about costs.
Many customers say that customer service is more important than the price of the tariffs, which many customers say they are happy to pay a bit more to stay with a helpful and considerate supplier.
Can my tariff come with me when I move?
Some suppliers will allow you to take your cheap tariff with you when you move, but you need to get in contact with your supplier first and check.
You should also check the rates in your new area as energy is charged differently depending on your location.
Once I switch, will my supplier tell me if prices rise?
Unfortunately, prices are predicted to rise between 30% and 40% in the next five years. This is unless there are some massive changes politically in the world.
However, your energy supplier has to warn you about these price rises with a minimum of 30 days notice.
Did you know that you could be saving up to £500 on your energy bills every year?