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What is economy 7 energy tariff?

Plug socketThis is an electricity tariff with different pricing structures according to the time of day. The electricity you use during the night costs less, per unit, than energy used during the day.

Economy 7 is designed primarily to encourage customers to use electricity more when it is in less demand e.g. through the use of storage heaters by heating your water through the night for use throughout the day.

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Economy 7 tariff - is it cheaper?

An Economy 7 tariff might be able to save you money depending on your usage, but bear in mind that some Economy 7 tariffs are more expensive than standard tariffs for energy used in the daytime, which could cancel out any savings made by using Economy 7 in the night time.

Economy 7 tariff - Existing customers

You might be asked during the utility comparison if you are on an Economy 7 tariff. To find out if you’re on an Economy 7 tariff, have a look at your electricity meter; it will have 2 sets of dials/ numbers to read (one is for the day rate/high rate, the other is for the low rate/night rate).

Economy 7 tariff - Potential customers

If you want to switch to an Economy 7 tariff and do not have an economy 7 meter this will involve changing your meter, which the supplier can arrange for you (sometimes they might charge you for this service). If you want to come off an economy 7 tariff and have an economy 7 meter, you may be able to do this without changing your meter. In order to clarify this, we would recommend that you contact your new supplier.

If you have any further energy questions then please read our guide here.

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