Economy 7 Tariffs: What you need to know

Economy 7 Tariff

What’s in this guide?

Introduction

Did you know that on an Economy 7 tariff, you would get seven hours of cheaper energy at night whereas the daily rate may be slightly higher than usual.

Interested?

This is everything you need to know about Economy 7 tariffs, including what it is and how you switch.

Let’s dig in!

What is an Economy 7 tariff?

This is a tariff that, along with a meter, will allow you to pay lower costs at night, but often more expensive prices in the day.

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.

If you have an Economy 7 meter, you should take a quick look to see if it has 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.

Switching to an Economy 7 tariff

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.

Let’s take a look at the cheapest Economy 7 deals available.

Cheapest Economy 7 deals

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

Economy 7 pros

✔Prices are often lower at night
✔When using 40% of your energy at night, there are huge savings available
✔Smart meter compatible

Economy 7 cons

✗Your power will be more expensive in the day
✗If you aren’t strict about your energy usage, you could lose out on savings
✗You need to only use appliances at certain times of the day

Is an Economy 7 tariff right for me?

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 7 tariff and meter could be the best option for you.

Economy 7 FAQ

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?

Economy 7 lasts for seven hours generally between the hours of 8:30pm and 7:00am; but you should ring your supplier or check your meter for the exact period.

Is Economy 7 worth it?

Unless you use most of your energy at night, Economy 7 might not be worth it.

Can you have a smart meter with Economy 7?

Yes! You can certainly have a smart meter as well as Economy 7, as the technology should be compatible.

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 are eligible for a switch.

Remember to compare before you make any decisions.

Do I have an Economy 7 meter?

You can 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.

This should be on your actual meter as well.

Conclusion

Are you interested comparing or switching energy supplier?

Did you know that you could be saving up to £500 on your energy bills every year?

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.