What is Economy 7?
The Economy 7 tariff is a differential tariff that offers you cheaper rates of electricity for a 7 hour period at night. Depending on your provider, the times are generally between 12-7am, but this can vary by a couple of hours either way. To get this installed you will need to have a different meter fitted, that way the energy spent during the day and at night can be tracked separately.
Will Economy 7 benefit me?
While this could save some people up to 47% on their energy bills, it’s not the right option for everyone and this is dependent on your lifestyle. If you run a central heating system or have electric radiators it won’t make any difference to your energy bill, as you are likely to need these running during daytime hours. However, if you have a hot water tank or have storage heaters, this is the ideal option, as they can warm up using cheaper energy, ready for when you need them during peak hours.
Economy 7 could also benefit you if your appliances are fitted with a timer. Your washing machine and dishwasher for example can use up a lot of energy, especially if used regularly. However if you can fill them up and set them to run during the night, then you will benefit from the cheaper rate of electricity.
How do I get Economy 7?
If you’re not sure if you have Economy 7, check your energy bill. If you have different rates for day and night then you’re already set up. If not, contact your supplier and they will be able to give you more details about how you can get set up on an Economy 7 tariff. However, like all energy suppliers, rates vary. To make sure you’re saving as much money as possible, shop around and find out which energy provider offers you the cheapest rate for your area.
If you are set up on an Economy 7 tariff and are looking for a storage heater to capitalise on this, check out our range of storage heaters. The most popular model, the Dimplex Quantum, is the best bet for saving you money!