Economy 7 Guide: What you need to know to pay less

Economy 7 Guide

What’s in this guide?

Introduction

Economy 7 was launched in the late 1970’s, with an aim to provide customers with cheaper energy costs in the night and average or slightly higher rates in the day.

As a result, this makes it a favourite for people who work nights, have a storage heater or want to utilise things such as timers for putting on your more expensive appliances like washing machines at night.

Are you interested in switching to a potentially more economical tariff? Let’s take a closer look.

What is Economy 7?

This is a particular type of meter that will allow you to pay lower costs at night, provided you utilise most of your energy in the late evening to the early morning you could make some serious savings on your energy bill.

Economy 7 lasts, as the name suggests, for seven hours.

This is usually between 10:30 pm and 8:30 am, however, it does depend on either which supplier you have, or your meter.

You should take a quick look to see if your meter your specific times written on it for you.

You can also ring up your supplier and see if they have any information regarding your off-peak times.

There are both pros and cons to this tariff, read more below to find out more.

Pros

✔Lower energy prices at night
✔If you use 40% of your energy at night, you could be making huge savings
✔Smart meter compatible

Cons

✗Your power might be considerably more costly in the day
✗If you aren’t strict about your energy usage, you could lose out on savings

Cheapest Economy 7 Deals

For an idea of the prices, you can expect from having an Economy 7 tariff, see the table below.

Supplier Tariff Average Annual Bill*
Npower Go Green Energy Fix July 2020 v2 £392
One Select OneSelect Secure Summer 1 Year Fixed 2018 £428
One Select Secure Summer 18 Month Fixed 2018 £428
Avro Simple and Glory £440
One Select OneSelect Secure July 1 Year Fixed 2018 £453
Great North Energy Great for One Year v3 £461
Tonik Positively Greenest v7 £465
Avro Simple and Summer plan £476
Bulb Vari-Fair £488
Powershop Fixed Term Tariff August 2018 Issue 4 £489

It is important to note that this is only for electricity, so you will have to consider your gas prices too in your annual costs.

What time does Economy 7 start?

Economy 7 lasts for seven hours as the name implies, but the actual specific times depend almost entirely on which energy supplier you have.

According to Octopus Energy, your Economy 7 period should be written on your actual meter so you can refer to it.

You could also check your latest bill or give your current supplier a call.

How do I switch to Economy 7?

First of all, to switch to Economy 7, you need to have an Economy 7 meter installed which you can request from your supplier.

Secondly, you need to compare Economy 7 prices to ensure that you are getting the best deal for you and your home. This means you plug in some of your information like your location, the size of your home or your usage and then sit back and see all of your current available options.

After you have gone through your options, you can then switch! This often takes around four to six weeks, and your supply shouldn’t be disrupted in that time so that you can get on with your day as usual.

Switch from British Gas SSE Scottish Power Npower EDF Energy E.ON
Economy 7 to standard Free Free Free Free Free Free
Standard to Economy 7 Free Free Free Free Free
Depends on the meter (1)

FAQ’s

Interested in Economy 7 but still have some questions? Take a look at the most frequently asked questions here to learn more about Economy 7 and how it could benefit you.

What are the Economy 7 times?

The times generally range between the hours of 10:30 pm and 8:30 am for seven hours; however you should ring your supplier or check your meter for the exact period.

Is Economy 7 worth it?

If you don’t have a storage heater or use most of your electricity at night, it may not be the most cost-effective choice for you.

Can you have a smart meter with Economy 7?

In short, yes! You can certainly have a smart meter as well as Economy 7, but you should check with your supplier.

Can I get Economy 7?

If you think that Economy 7 will be right for you, you can check with your supplier and see if you can have an Economy 7 meter installed.

In most cases, this should be free, but it does depend on who you get your energy from.

For more information about which tariffs are available, see the table above in the cheapest Economy 7 deals section.

Remember to compare before you make any decisions.

Do I have an Economy 7 meter?

You’ll need to have a two rate meter that records your energy use for both day and night usage.

You can also check your electricity bill – if you are being charged at two different rates (one marked ‘low’ and one marked ‘normal’), you are on Economy 7.

Conclusion

Do you have an Economy 7 meter? Would you like to see your available options?

Take a look at the EnergySeek guides to find out more about your energy, or see reviews of the top 7 energy switching sites to compare gas & electricity.