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Understanding Economy 7 dual-rate electricity tariffs, how they work, and whether they could save you money.
Economy 7 is a type of electricity tariff that offers two different unit rates: a cheaper rate for 7 hours overnight, and a more expensive rate for the remaining 17 hours of the day.
The name comes from the 7 hours of cheaper electricity you get each night, typically between midnight and 7am (though exact times vary by region and supplier).
With Economy 7, you pay:
You'll need a special meter (called a time switch or Economy 7 meter) that automatically switches between the two rates at the right times.
Economy 7 rates vary, but as a rough guide:
You'll also pay a standing charge, which may be slightly higher than on standard tariffs.
Economy 7 can save you money if:
It's not usually suitable if:
To use Economy 7, you need:
Your supplier can install an Economy 7 meter, but there may be installation costs. If you're renting, you'll need your landlord's permission.
Your savings depend on how much energy you use at night versus during the day. To make it worthwhile:
If you only use a small amount of electricity at night, the higher day rate could actually make your bills more expensive than a standard tariff.
Check your electricity bill—it should show:
If you're not sure, contact your supplier. They can tell you what type of meter you have and what tariff you're on.
Yes, you can switch to a standard tariff, but:
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