Economy 7 Guide
What is Economy 7?
Economy 7 is a meter type that works off a day and night rate. The day rate will be fairly standard and the night rate (which is the Economy 7 feature) will offer up electricity prices at potentially 50% cheaper. For example, during the day you will be charged 15p per unit of energy used (kwh) compared to being charged 7p per unit of energy used at night during the Economy 7 hours.
What are the times for Economy 7?
They vary by county and by energy supplier (so speak to them directly to confirm) but as a general guide they are likely to be between 11pm – 6am, 12am – 7am or 1am – 8am.
Is it worth having Economy 7?
If you can make use of the cheaper energy available then YES. If the majority of your usage is during normal "peak" hours then NO. The cost of energy during the Economy 7 hours can be half of that during peak times so it can make a big difference to your energy bills if utilised correctly. This is ideal for people with an immersion heater for their hot water, who work shifts and/or if you can set timers on your high usage appliances e.g. tumble dryer.
How do I know if I have Economy 7?
It will be say on your energy bill OR you will have a day and night reader on your electricity meter. Check either and you’ll know if you are an Economy 7 customer.
Do smart meters work with Economy 7?
Yes. Smart meters do work with Economy 7 and are a great way to make sure your energy bills are accurate.
How can I reduce my electricity bill?
Being energy conscious I think is the main point here. Being aware of when, where and how you are using energy is the first step change in being able to reduce your energy consumption
and therefore carbon foot-print.
A great way to do this in my experience is to purchase a home energy monitor. Without sounding too geeky, they are actually a lot of fun too initially as you switch appliances on to see how much your energy consumption spikes, for example, when you switch a hair dryer on or your microwave.
If you have an Economy 7 meter, you will also reduce your electricity bill significantly by utilising the cheap rates available during the 7 economy hours. The more you can do this the lower your bills we become.
Can I change my Meter?
Yes you can. You might want to change your meter if you want to take advantage of different types of energy tariffs. To do this you will need to contact your existing supplier who will arrange it for you. Please note that your supplier may charge you for this service. Once you have changed meter, compare energy prices at TheEnergyShop to find you the best deal for the meter type that you have.
Can I have my Economy 7 meter moved?
Yes you can. If you want to move your meter please contact your supplier. You will probably be charged for this service unless you are a disabled person and cannot access the meter, in which case it should be free.
What if my meter is not measuring my energy consumption correctly?
If you think there is a problem with your Economy 7 meter rather than your bill (which could be an estimate), you should first contact your energy supplier. They will be able to test your meter to ensure that it is working properly. If you are still concerned about the meter's accuracy you should direct your enquiry to Consumer Focus who should be able to offer you advice on how to resolve the matter. Once the meter has been checked, if it is shown that you have been overcharged, your supplier will have to repay what you are owed. If, however, the meter test shows that you have been undercharged, the supplier has the right to charge for the extra energy that you have used.