If your property is equipped with storage heaters then the likelihood is that you are currently using an economy 7 tariff. In principle an economy 7 electricity tariff is designed to create economical savings through operating in partnership with a night storage heating system. Although when using electricity throughout the day the cost per unit is charged at an inflated price making an economy 7 tariff counterproductive. Below we will cover everything surrounding the economy electricity tariff.

So what is an economy 7 tariff and how does it work? 

  • Economy 7 tariff is typically found in properties without gas central heating. It differs from a standard/normal electricity tariff in that you have access to a cheaper rate of electricity for 7 hours every night, rather like an off peak on peak telephone plan.
  • Economy 7 tariff was formulated to whip up the take up of using more electricity during the night. Since electricity production is continued throughout the night large power stations have surplus energy due to a reduction in demand overnight.
  • Within Scotland a majority of energy companies supply and install white electricity meters to record the over night consumption data. Consequently the tariff is also widely recognised as a ‘White meter tariff’ over the traditional Economy 7 tariff.

Reading an economy 7 meter is relatively straight forward however there may be varying methods depending on which type of meter you have installed.

  • The first category is fitted with two displays - usually the top row records and displays the day time electricity and is often labeled (normal). The bottom row will again be labeled to display your ‘off peak’ night rate.

The second category features just one row of numbers which will conventionally display the day time reading. To view the night electricity reading you will be required to press the red button, again this is often also be labeled.

So how do I know if i’m using economy 7? 

Usually the tell tale sign that you are already using an economy 7 electricity tariff is that your property possesses two electricity meters, one for day time electricity recordings and one for off peak night time hours, although with some new meters this may be different. Of course the simplest and quickest way of finding out is calling your energy supplier directly whom will be able to update you there and then.

Unnecessarily paying more than necessary for your electricity bill

With an economy 7 tariff it is all about maximising your off peak lower electricity rate, such as putting your tumble dryer on over night and charging your electric storage heaters up ready to warm your home the following morning. The concept sounds great however the dilemma with this tariff is of course the on peak rate. The need to use electricity during the day is inevitable, and boy do energy companies take advantage of this by charging you at a highly inflated rate. This rate is designed to gain back your off peak savings and often more. 

What time does Economy 7 start? An economy 7 tariff typically starts from 11pm through to 6am the following day. Although it can vary from suppliers so it may be worth calling them directly to find out. Remember that you only get 7 hours at the reduced electricity rate after this your meter will flick back over to the higher ‘on peak’ rate.

So what is the point in an economy 7 tariff if theres a possibility that I could be paying more than necessary for my electricity especially if I use inefficient and unreliable storage heaters? By switching to electric radiators you will discover that you can make greater savings even on a standard electricity tariff since they consume less electricity than storage heaters. This is owing to the fact that electric radiators have become so efficient through advanced thermostats and 24 hour 7 day programming, that they demand a vastly reduced electricity rate over storage heaters. 

Disconnecting

To disconnect from economy 7 back to a standard electricity tariff we recommend that you contact your electricity supplier to find out whether you are required to have a new electricity meter installed. Since you may be able to continue using your current meter although this will depend on what type of meter you have installed. If you do need to switch your meter then your energy supplier will be able to arrange all of this for you. In some circumstances your meter switch will be covered by your energy company however in others there may be a small charge for this.

IMPORTANT: Don’t forget that you are free to switch energy suppliers (within reason) when ever you choose. Using an energy comparison search is the quickest and easiest approach to discovering the best electricity tariffs currently available on the market. We recommend that you keep on top of the best tariffs by carrying out a search comparison at least once every six months. This will ensure that you aren’t unnecessarily paying more than you need to.

Are you fed up of relying on unpredictable and inefficient storage heaters? You may already be actively seeking to upgrade your electric heating since heating your property with inefficient storage heaters is costing you far too much. Join thousands of happy customers and upgrade your electric central heating with My Electric Radiators today. Call 01423 619303 for a free tailored electric heating quotation based on your properties specification.