Find out if Economy 10 Tariff is the right electricity plan for your home.
What is Economy 10 Tariff?
Economy 10 is the name of the tariff provided by electricity suppliers to UK consumers. It was created in 2004, and is designed similarly to the Economy 7 Tariff. It is aimed at helping homes that use storage heaters, underfloor heating and water based heat stores. As with Economy 7, Economy 10 is named such because it offers 10 hours of off peak rates to its subscribers.
How does it work?
While Economy 7 has off peak hours for electricity use at night (typically sometime between 10 pm and 8 am), Economy 10 Tariff has its 10 off peak hours divided in the afternoon, evening and at night.
Not all energy suppliers offer Economy 10, and the 10 off peak hours are determined by the local distribution network in the area. In Economy 10 Tariff, off peak rates are usually half the rates during peak hours, but the standing charges are often higher.
Here is are examples of Economy 10 Tariff off peak hours in two separate areas:
- Area 1
- Afternoon (3 hours) – 1:30 pm to 4:30 pm
- Evening (4 hours) – 8:30 pm to 12:30 am
- Early morning (3 hours) – 4:30 am to 7:30 am
- Area 2
- Afternoon (3 hours) – 1 pm to 4 pm
- Evening (2 hours) – 8 pm to 10 pm
- Overnight (5 hours) – 12 mn to 5 am
When switching to and from Economy 10 Tariff, you will need a new meter system installed, which can provide two to three meter readings.
Who and How Can You Make The Most Out of Economy 10 Tariff?
You will benefit most out of Economy 10 if you are using an electric heating system, rather than a heating system that runs on gas. Economy 10 Tariff is also suitable to homes that use underfloor heating or storage heaters, which stores heat and allows you to use them during the day.
You can make the most out of it by using energy most during off peak hours by running your appliances and heating system during those time frames. Take note, though, that while the water in your electric water storage will remain hot in the morning, it will likely have cooled down in the afternoon. Also, if you are using an old water storage that requires 7 hours to heat, Economy 10 typically only offers 5 consecutive hours of off peak and may not be suitable for your needs.
To make sure that you will not pay the higher standing rates, you also need to make sure you operate other major appliances such as washers, dryers and dishwashers during off peak hours. It will be ideal if these appliances have a timer so you can use them conveniently.
If you need more help with Economy 10 or Economy 7, call us at RJ Gas today.