Economy 10 Tariffs
Economy 10 tariffs allow you to benefit from cheaper electricity rates during certain times of the day. If you’re considering an Economy 10 tariff, you’ll need to fully understand how they work to ensure that they are suitable for your needs.
In this guide, we’ll provide you with a full breakdown of Economy 10 tariffs.
What is an economy 10 tariff?
Economy 10 tariffs provides you with cheaper electricity rates for 10 hours each day. It is very similar to an Economy 7 meter which offer 7 hours of cheaper electricity rates.
These cheaper periods are known as “off-peak” hours, and they are split between three blocks in the afternoon, evening and night. The night-time rates are typically the cheapest.
What are the benefits of Economy 10 tariffs?
The main benefit of an Economy 10 tariff is the 10 hours of cheaper electricity. The rates during off-peak hours can be up to half the price of standard rates, so using electricity during this time can help you lower your energy bills.
During these cheaper hours, you could plan to use appliances such as dishwashers and washing machines to reduce costs, and businesses such as bars and nightclubs could benefit from cheaper rates during their peak opening hours.
Economy 7 vs Economy 10
Economy 7 and Economy 10 tariffs are similar in that they both offer cheaper electricity unit rates during certain times of the day. However, the key difference between these two tariffs is the number of off-peak energy hours. True to their namesake, Economy 7 meters offer 7 hours of cheaper off-peak unit rates, whilst Economy 10 meters offer 10 hours.
If you’re looking for an energy tariff that offers more than seven hours of cheaper electricity rates, an Economy 10 meter is a great option. Compare energy prices today to find out how much an Economy 10 tariff could cost for your home or business.
What to consider before getting an Economy 10 tariff
Although Economy 10 tariffs can offer cheaper rates and help you save, you should bear in mind that rates for the times outside of the allocated 10 hours are generally more expensive than standard electricity prices. This is why you need to be sure that your lifestyle and electricity usage is suitable for this type of tariff or you could end up paying more for your electricity.
It’s important to note that having an Economy 10 meter installed costs extra, and if you change your mind in the future, you’ll have to pay again to get a standard meter installed.
Lastly, off-peak times for Economy 7 tariffs vary with different suppliers, so you’ll need to compare tariffs to find the best option for your needs and switching suppliers can require meter reprogramming.
Do I need a different meter with an Economy 10 tariff?
Yes, Economy 10 tariffs require a different kind of meter from standard tariffs. Standard meters only provide one reading, whereas Economy 10 meters are designed to provide two or three readings depending on the number of different rates you pay and whether you have storage heaters in your property.
If you do not already have an Economy 10 meter installed, you will need to get one fitted by an engineer to move forward with your new Economy 10 tariff. Remember, most suppliers will charge you for this new meter installation, but it will reduce your energy bills in the long run if this is the right tariff for you.
Is Economy 10 right for me?
To benefit from an Economy 10 meter, it’s usually recommended for at least 40% of your energy use to take place during off-peak hours. So, if your lifestyle matches these requirements and you use a significant amount of energy during the night, an Economy 10 meter could be the right choice for you.
This goes for both homes and businesses. As aforementioned, households that have storage heaters that store up energy overnight or appliances that are set to come on during the night (e.g. dishwashers, washing machines and dryers), this will likely lead to lower energy bills with an Economy 10 meter.
Additionally, if you spend most of the day outside of your home, an Economy 10 meter could be suitable, as you won’t get charged with the expensive day rates. Plus, some tariffs offer lower unit rates during the afternoon, so you don’t necessarily have to be out of the house for the entire day to benefit from this type of meter.
Takeaways and nightclubs are great examples of the kind of businesses that would likely benefit from the cheaper evening and night-time rates available with Economy 10 meters.
Economy 10 FAQs
How do I find the best Economy 10 tariff deals?
The best way to find a suitable Economy 10 tariff is by comparing energy prices. Different suppliers will offer a variety of deals, so it’s always best to weigh up all your options before making a choice.
Comparing energy prices can be a difficult task if you choose to do it yourself, however using a professional energy comparison site like Love Energy Savings may save you a significant amount of time and effort. We’ll compare a range of deals from our handpicked panel of suppliers to ensure you’re getting the best deal.
How can I save with an Economy 10 tariff?
You can save with an Economy 10 tariff by ensuring that you take advantage of the cheaper rates. Using energy during off-peak times can help to reduce your electricity bills, so always aim to use your electrical appliances when the rates are at their cheapest.
Which suppliers offer Economy 10 tariffs?
Not all suppliers offer Economy 10 tariffs. The best way to find out which suppliers provide Economy 10 tariff’s is to compare energy prices and see which suppliers are highlighted in your quote. British Gas, EON and Octopus Energy are among some of the suppliers that could be included in your quote.
How do I know if I’m on an Economy 10 tariff?
You can find whether you’re already on an Economy 10 tariff by looking at a recent electricity bill. If you are being charged two or more different rates for your electricity, you are on an Economy 10 tariff.
You can also confirm this by checking your electricity meter to see if two sets of numbers are marked “low” and “normal.”
Can I get an economy 10 tariff for my gas?
No, there are no gas Economy 10 tariffs available as gas is not typically used to fuel appliances like storage heaters and washing machines, which can be used at night.
What should I do if I want to switch back to a normal tariff?
If you have an Economy 10 meter installed and you’d prefer to switch to a fixed-rate tariff or any other energy deal, you’ll need to contact your electricity supplier. Switching to a normal tariff will require a new meter installation, which you’ll usually be charged for.
Love Energy Savings can help you with your switch and find you the best energy deal for your needs, try our free comparison tool today.