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Economy 7 tariffs have been around since 1978 and became popular in the 1980s. Both Economy 7 and 10 tariffs are designed to give you cheaper electricity rates at night and a higher charge during the day. Households and businesses can use Economy 7 electricity tariffs and could save money by switching their energy usage to later in the evening.
Depending on your business’ energy use habits, Economy 7 electricity tariffs may be the right contract for you. Not only will they help you save money, but they’ll also allow you to gain an idea of what appliances you’re using and when. But are Economy 7 and 10 tariffs right for your business?
In our guide, we answer the most frequently asked questions surrounding Economy 7 electricity tariffs.
What is Economy 7?
An Economy 7 electricity tariff, also known as a ‘time-of-use’ or ‘off-peak’ tariff, provides a cheaper rate during a seven-hour period when you’re least likely to be using energy. This is typically during the night and early hours of the morning.
The day and night rates will differ, so your meter will show two different numbers: one set for day-time electricity use, and another for your cheaper night-time use. This can also appear as Rate 1 and 2, or R1 and R2.
What time does Economy 7 start?
The off-peak electricity times will vary depending on who your provider is and where your business premises are located. Usually, the seven hours of off-peak occur between 11 pm and 8 am or it could be split up into chunks of time. Your provider will be able to give you the exact timings of Economy 7 electricity tariffs.
However, it’s important to note that Economy 7 tariffs won’t automatically adjust themselves when the clocks go forward or back, in line with Daylight savings. Some providers use winter times (GMT) all year round.
Can you have a smart meter with Economy 7?
Yes, you can. If your small or large business uses a smart meter, then you can combine this with your Economy 7 electricity tariff. Not all energy providers offer this, so it’s best to ask them first.
Just like regular smart meters, Economy 7 smart meters will show you how much energy your business has used and automatically send readings to your supplier.
How to change from Economy 7 to standard meter
Unsure if your business is losing money by being on an Economy 7 electricity tariff? If you want to switch to a new standard energy plan, then we advise you to shop around in the usual way.
However, running a business can be time-consuming and searching for the best business gas, electricity and water deals may not be at the top of your priority list. Why not use a utility broker who can find you the best deals on the market, while you get on with the really important stuff?
Is Economy 7 going to be phased out?
No, don’t worry. Economy 7 does still exist and can be one of the cheapest ways to save money on your business energy. For business sectors that don’t need a lot of electricity during the day, it can be the cheapest energy option.
So, what’s the difference between Economy 7 and 10? While Economy 7 provides a cheaper rate for seven hours at night, Economy 10 tariffs provide 10 hours of cheaper electricity (the clue’s in the name!).
With Economy 10 tariffs, three of these cheaper hours of electricity are usually offered in the afternoon, with seven more overnight.
If your business uses around 40% of its electricity at night, such as bars and clubs or DJs and entertainment companies, then you could benefit from an Economy 7 or 10 tariff.
The best Economy 7 tariffs will work alongside your business, so you can make savings on your electricity. The best way to exploit the potentials savings from this type of tariff would be to use as much energy as possible at night. So that means setting timers for washing machines, dishwashers, and other appliances to run overnight.
Your business will also benefit from an Economy 7 electricity tariff if your premises are heated by electricity as opposed to gas. Additionally, if your premises have heating systems that are capable of retaining the heat that is produced, such as underfloor heating and storage heaters.
Interested in switching to an Economy 7 electricity tariff? Then why contact us? We can help you switch to the best deals on your business gas and electricity with minimal stress and hassle. Looking to save money and improve your green credentials? Then why not switch to green providers and take meaningful, sustainable action today.
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Can’t see the address? Enter manually
Let’s save time, can we automatically gather meter information?
? What does this mean?Does your meter number end in any of the following?