Updated 9th July 2020

What is Economy 7

The Economy 7 tariff, also known as the differential tariff, offers you cheaper rates of electricity for a 7 hour period at night. Depending on your provider, your access to the tariff is generally between 12-7am, but this can vary by a couple of hours either way. To get this installed you will need a specialised meter fitted, which can be tracked separately.

Who will benefit from Economy 7?

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 heat up during the night 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 can use 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 have access to cheaper rates of electricity.

Take a look at the £24.17p a year* saving you could make if you choose Economy 7 tariff over standard tariff:

*TariffPeak Daytime Rate (pence/kWh)Off Peak Night rate (pence/kWh)Standard Charging (pence/day)Annual Cost* (per year)
Economy 7 19.22 9.57 22.02 £717.44
Standard 15.66 15.66 22.95 £741.61


*Based on the average energy cost in the south-east using the Big Six. Usage figure based on Ofgems average usage for Economy 7 at 4,200 kilowatt hours (kWh) a year. Economy 7 assumes 42% off-peak usage. Last updated: July 2020.

Can I get Economy 7?

If you’re unsure if you are using the Economy 7 tariff, contact your energy supplier and they will be able to give you more details about your current tariff and how you can get set up with an Economy 7 meter. 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 in your area.

What to do next?

If you are already set up and you are looking for an Economy 7 storage heater to further save costs, check out our range of storage heaters. Our most popular range is the Dimplex Dimplex Quantum Storage Heaters which have an advanced IQ controller to monitor the weather outsider to save more money! 

Which Storage Heater?

BrandRangeFeatures
Dimplex Quantum Storage Heaters
Features intelligent controls that adapt to the weather to provide even greater energy savings
Dimplex
XLE Storage Heaters
Modern storage heater with advanced 7 day programmable controls. Ideal for retrofitting exisiting heating systems
Creda TSRE Storage Heaters Advanced fully 7 day programmable controls coupled with an energy saving management system. Ideal for retrofitting exisiting heating systems
Elnur ECOSSH Storage Heaters Intelligent controls low cost, energy efficient solution to heating rooms
Elnur HHR Storage Heaters Provides quick room warm-up through low cost, energy efficient heating

 

Do you need some help deciding what storage heater is right for you, would like to take advantage of our Price Promise or perhaps have a large order to place? If you can't find what you need, we can source it for you by giving our team of professionals a call on 0203 994 5470, drop us an email at sales@electricpoint.com or use our Contact Form.