Are you on Economy 7 Tariff? Learn more about it and how you can make the most out of it.
What is Economy 7 Tariff?
Economy 7 Tariff is a differential tariff offered by electricity providers in the UK. This electricity plan offers two different rates to its users: one during the day and another in the evening. Simply put, it work very similar to the way peak and off peak hours work for phone service providers. Customers will receive 7 hours of cheaper electricity in the evening, hence the term ‘economy 7’.
The specific hours that are charged lower will depend on where you are located in the UK, and your electric provider. In general, the 7 off peak hours are typically sometime between 10 pm and 8:30 am. If you are not sure about the exact times of when economy 7 applies for you, call your energy provider or check your most recent energy bill
Economy 7 users have a different meter that separately shows the electricity usages during the days and the evenings. This helps them track their energy use more accurately.
Find out if you are an Economy 7 Tariff user
The easiest way to find out if you are using economy 7 is by looking at your energy bill. Basically, if you see two charges – one for daytime use and one for evening use – you are on economy 7 tariff.
If you don’t have a bill available, check your meter. If you see two different numbers, then you are on economy 7. These numbers are usually indicated as “normal” and “low”.
How to make the most of Economy 7 Tariff
To make using this electricity plan worth your while, about 40% of your home’s energy use should be done during the span of 7 hours that you are off peak. This plan actually charge more during the daytime than a regular energy plan does, so it is best for homes that are vacant during the day on most days.
Here are some things you want to consider if you want to get economy 7:
- How your heat your home – Homes that use electric water storage heaters or hot water tanks will benefit more from economy 7. Here, you can charge the electric storage or heat all the water that you need for the next day during your off peak hours. At the same time, because combi boilers heat water on demand, you will use electricity every time you use hot water or heat your home regardless of the time. If you own a combi boiler, economy 7 may not be the best option for you.
- Your appliances – Economy 7 will work more to your advantage if your appliances run on gas. If you have a lot of electric appliances, and you run them during the day, economy 7 may not be the best option. It would be ideal to put your appliances, such as washers, dishwashers, etc, on a timer so that they run during the off peak hours when electricity is cheaper.
How to switch to Economy 7 Tariff
To start using the economy 7 plan, you need the specialised meter that will read your energy use during the day and the evening separately. Your energy provider can help arrange this for you when you make your application. Be sure to do your research on the different peak / off peak fees that energy providers charge and compare what is best for you.
Whether you are an Economy 7 Tariff user or a standard energy plan user, RJ Gas can help you with all your boiler needs.
