What is an Economy 7 Meter and can it reduce my Electricity bill?
What is Economy 7?
Sometimes called E7, it is a type of electricity tariff with cheaper prices for 7 hours during the night, that requires a special kind of electricity meter.
Originally designed for people with storage heaters, the idea is that you consume the majority of your energy at night when the grid is less busy. As such, your prices are lower in the early hours and higher during peak consumption times.
Hours are usually 1.30am to 8:30am during daylight savings, or 12.30am to 7:30am for the rest of the year GMT.
Are they available for home and business electricity?
Yes, they are for both homes and Businesses. At home, they are useful if you want to put your appliances on at night. The dishwasher, or washing machine for example, or if you want to heat your water for the next day over night.
If your business operates mostly at night, take-aways and clubs for example, you could see significant savings.
Be careful though, day rates on this kind of tariff are likely to be quite a lot more expensive than unit rates on a standard tariff. If you're not sure what the best option is, give us a call on 0800 988 8375 and we can help you find the best tariff for your home or business. You can also see how much you can save by comparing online.
Can I get an Economy 7 Electricity Meter?
If you want to have one of these meters installed then you’ll have to talk to your supplier directly, however if you’re looking for a new E7 tariff, our Energy Experts can find the cheapest one on the market for you. We know Business Energy and Home Energy like the back of our hand so get in touch and start saving today.
Want to see what suppliers we work with? Have a look at our energy suppliers table.
Will it save my business money?
That depends on your business and its operating hours. To save money, most of your electricity use would have to fall within the 7 hour period during the night, if you’re running a taxi company or a take-away it might be a good idea. Similarly, If you’re running a lot of lights at night it also might be worth thinking about.
Each economy 7 tariff is slightly different in terms of pricing, in other words, one tariff might have huge savings on your night rate but have a very expensive day rate, whereas another may on have a small difference between the two. We'll help talk you through the potential savings and advise you on the cheapest one for your business.
What about reducing my Home Energy bills?
The less time you spend watching TV, using a PC, or even with the lights on will help keep your bills down, so If you work long hours or you’re involved in a lot of outdoor activities then it could be a good idea to get one.
If you have appliances with timers on that will help too, because you can set your washing machine or dishwasher to run during the night and save yourself money. If you have storage heaters in your house, you also stand to benefit.
How do economy 7 rates differ?
The downside of an Economy 7 tariff is that the price of the electricity you use during the day will be more expensive, which is why they’re not for everyone. For example if you switch to an E7 tariff and your electricity day-rate doubles, but your night-rate halves, over half your electricity usage would have to come from night usage in order to save money.
Always think about how you use your energy before switching your tariff!
Our experts are on hand to advise you impartially on tariff choices, so if you would like to discuss options don't hesitate to give us a call on 0800 988 8375 or leave us a message and we'll get back to you as soon as possible!