What’s in this guide?
Do you want to find out if you have an Economy 7 meter?
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.
Let’s take a closer look and find out what an Economy 7 meter is, and whether you have one.
Do I have an Economy 7 meter?
To see if you have an Economy 7 meter, this is what you can do:
- Grab your latest bill; if you are on an Economy 7 meter, you will have two different rates stated on your invoice. One will be the cheaper Economy 7 rate, and the other will be your peak or day rate, which is more expensive.
- Another thing you can do is check your Meter Point Access Number.
- Taking a look at your meter is another option. If it has two different rates ‘low’ and ‘high’ or ‘day’ and ‘night’ you have an Economy 7 meter.
- The last option is to directly call up your supplier.
What is Economy 7?
This 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 for seven hours between 10:30 pm and 8:30 am, however, it does depend on either which supplier you have, or your meter.
Now that you know if you have an Economy 7 meter and what it is let’s take a look at the pros and cons you might be able to expect.
Economy 7 Pros
✔Your energy costs will be lower at night
✔You could be making huge savings by using energy at night
✔Compatible with modern smart meters
Economy 7 Cons
✗You might have to pay more for your energy in the day
✗If you aren’t strict about your energy usage, you could lose out on your savings
✗You should use an Economy 7 meter with an electric storage heater
Cheapest Economy 7 Deals
For an idea of the prices, you can expect from having an Economy 7 tariff, see the table below.
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|
|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.
How do I switch to an Economy 7 tariff?
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.
Here are the costs of switching to and from an Economy 7 meter.
- British Gas: Free
- SSE: Free
- Scottish Power: Free
- Npower: Free
- EDF: Free
- EON: Depends on the meter
What is Economy 10?
Unlike the Economy 7 tariff, the Economy 10 tariff gives their customers 10 hours of cheaper electricity a day, which is often 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.
Are you interested in an Economy 7 meter?
Did you know that you could be saving up to £500 on your energy bills every year?