Disclaimer: Please note that the information in this section is intended to provide guidance only and not provide any financial advice or recommendations.
Economy 7 is one of the more common energy plans available from suppliers. It allows you to pay different unit rates for electricity depending on the time of day. In general, you would pay one rate for electricity used during the day and then a lower rate for 7 hours during the night.
However, you have to have an Economy 7 meter to be able to apply for an Economy 7 tariff. It is generally more suited to customers who use a lot more electricity during the night, for example to heat up a hot water tank or storage heaters. This is because they can be charged up during the night and then used during the day.
What is an Economy 7 meter and do I have one?
The main difference between an Economy 7 meter and a standard meter is that an Economy 7 will display two readings. Either 'low' or 'normal' or possibly ‘night’ and ‘day’, which will be written beside or very close to the set of numbers.
You may have to press a button to cycle between the two readings.
If you have an Economy 7 meter you would also see a difference on your bills. If your electricity is charged at two different rates, one for day and one for night, you’re on Economy 7.
If you’re still not sure, you could contact your current supplier and they will be able to tell you.
Do I have to have an Economy 7 Tariff?
If you have an Economy 7 meter, you don’t have to have an Economy 7 tariff.
If it works out best for you on a non-Economy 7 tariff, we’d simply add your day and night units together to give us 1 single usage figure. So you shouldn’t even need to change your meter.
It’s worth looking into whether you could be better off on one of our other Economy 7 tariffs, and planning when you use your electricity to make the most of the cheaper night time rate.
If you have a standard meter then it's not possible to have an Economy 7 tariff as we have no way of measuring your different day and night usage.
Smart Meters and Economy 7
Your Smart meter will display readings for off-peak and daytime use. To see your On Peak (Day Rate) and Off Peak (Night Rate) tariffs/information you will need to press 6 on the meter’s keypad. You will then be able to scroll through the tariff registers.
What are the Economy 7 hours?
Economy 7 times differ depending on where you live, the meter and which energy supplier you’re with. It typically falls between 10pm and 8.30am, the map below can help identify your times. Alternatively, you can contact your supplier who should be able to help.
The hours usually change when the clocks go back or forward – so your Economy 7 times could be 1.30am to 8.30am during British Summer Time and 12.30am to 7.30am in the winter during Greenwich Mean Time.
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