Those who want to benefit from off-peak tariffs will tend to be presented with two options: Economy 7 and Economy 10.
The good news is there’s only one main difference between the two – and the clue is in their names. An Economy 7 tariff is where you benefit from seven hours of off-peak time. Economy 10 features, you guessed it, ten hours of off-peak time for you to enjoy.
It’s not all positives, however. If you decide to opt for either an Economy 7 or Economy 10 tariff, this will lead to your daytime business energy prices being more expensive when compared to a normal fixed-rate tariff. To save money by making this electrical switch, the majority of your electrical usage must be done during the night.
Whether you use an Economy 7 or Economy 10 tariff, the main advantages gained are if you use the bulk of your electricity during the night. As the unit price is lowered during these off-peak times, you can save a significant amount of money on your electricity bill each month – despite peak times becoming more expensive in the process.
If your business primarily operates during the night, this could result in your expenses being reduced to a notable degree. For instance, if you run a late-night establishment like a nightclub or takeaway, you’re not benefitting from fixed-rate tariffs. The premises aren’t open during the day, so you might as well tip the scales in your favour by lowering the electric bill for your off-peak hours.
Your business doesn’t necessarily have to be open specifically during the night, either. If you have a fleet of electric vehicles, for instance, you could benefit by charging these vehicles during the night.
Despite the potential advantages on the table, a balancing act is still required to get the most out of the economy 7 and Economic 10 tariffs. Due to the energy’s unit rate becoming more expensive during the day, monitoring your electricity usage is more important than ever. This is why Economy 7 and Economy 10 tariffs typically request you install a smart meter within your business premises. This meter allows you to monitor your energy usage continually.
Whether it is overloaded sockets or faulty wires, fires derived from electricity usage affect thousands of properties each year. Sadly, if a fire were to start during the night, this is less likely to be detected before the issue turns fatal.
As a result, if you plan to make use of an Economy 7 or Economy 10 tariff, it is more beneficial if someone is present on your premises at all times during the night. If this is not a possibility, ensure you check all electrical appliances regularly and avoid overloading sockets.
Do you want to switch to an off-peak tariff? The good news is that making the switch is a simple process. Simply use Utility Bidder to compare rates from an assortment of energy suppliers, find the best Economy 7 or 10 tariff option, and sign them up as your electricity provider.
