Is Economy 7 The Right Option For You?

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An Economy 7 meter is a dual-rate meter that may be the key to reducing your energy bills by using more energy within off-peak hours, and conserving electricity when it’s more expensive. But what is an Economy 7 meter? How do you know if you have one? And how can you maximise your savings with an Economy 7 meter and the right energy tariff?
Last update: November 2022

As you may have heard on the news, the UK energy market is currently under an immense amount of stress as a result of a global gas shortage driving up costs and putting several energy suppliers out of business. To learn more about this and stay updated on a daily basis you can read our page on the UK energy crisis.

We all know that dreaded feeling of opening a gas and electricity bill that far exceeds our expectations. The good news is that there are lots of ways in which we can reduce the cost of the energy we use. These range from little things around the home to making energy-efficient renovations and changing energy suppliers and tariffs. Join us as we take a deep dive into all things Economy 7. Whether you already have this kind of energy meter, or you’re thinking of getting one, we can help you to make the right decisions on behalf of your household…

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Is electricity cheaper at night?

If you have a dual-rate meter like Economy 7 or Economy 10, your electricity will generally be cheaper at night during off-peak hours. During these hours your energy may be up to 50% cheaper.

Who benefits the most from an Economy 7 tariff?

Those who use a lot of energy at night will benefit the most from an Economy 7 tariff. This might include those who work shifts and are usually awake when most are sleeping, those who charge their electric cars at night, or those who leave their devices to charge overnight. If your home is heated by storage heaters, you’re also likely to benefit from Economy 7.

Can I get a smart meter if I’m on Economy 7?

Yes, absolutely. Both SMETS1 and SMETS2 meters can be set to dual-rate so you can have an Economy 7 tariff. In fact, installing a smart meter may be a useful way to circumvent the cost of replacing your standard credit meter with an Economy 7 meter.

Can I get economy 7 if I have a prepayment meter?

Unfortunately, prepayment meters are single-rate. However, you may be able to replace your prepayment meter with a credit meter or Economy 7 meter as long as you have no significant outstanding debts to your energy supplier.

Updated on 11 Nov, 2022

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