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If you’re looking to save money on your electricity bills and have the flexibility to shift your energy usage to specific times, Economy 7 or Economy 10 meters might be the solution for you. These types of electricity meters offer different rates for daytime and nighttime usage, allowing you to take advantage of lower prices during off-peak hours. In this blog post, we’ll break down how these meters work, their benefits, and how you can get one installed if you don’t already have one.
Economy 7 and Economy 10 are specialized electricity tariffs that charge different rates depending on the time of day. They work in conjunction with meters that track your electricity usage during two distinct time periods:
Economy 7: Offers cheaper electricity for seven hours during the night (typically between 11 p.m. and 6 a.m., though this can vary depending on your energy provider).
Economy 10: Provides discounted rates for ten hours, usually split between night hours and additional off-peak periods during the day.
These tariffs are particularly beneficial for households that use electricity-intensive appliances, such as washing machines, dishwashers, or storage heaters, during the off-peak periods.
Cost Savings: By shifting your electricity usage to off-peak hours, you can significantly reduce your energy bills.
Encourages Energy Efficiency: These tariffs encourage conscious energy use by aligning your habits with lower-demand periods.
Ideal for Certain Technologies: Economy tariffs pair well with storage heaters, electric vehicles, and solar energy systems that can store energy for later use.
If you’re unsure whether you have an Economy 7 or Economy 10 meter, here’s how you can check:
Look at your electricity bill: If you see separate charges for “Day” and “Night” usage, you’re on an economy tariff.
Inspect your meter: Economy meters typically display two readings (one for daytime and one for nighttime usage).
Contact your energy provider: They can confirm your current meter type and tariff.
If you don’t already have an Economy meter but think it could benefit your household, here’s what you need to do:
Evaluate Your Usage Patterns Before making the switch, assess your energy usage. If you can shift a significant portion of your electricity consumption to off-peak hours, an Economy tariff could be cost-effective.
Contact Your Energy Provider Reach out to your current electricity supplier to inquire about switching to an Economy tariff. They can confirm whether your home is eligible and explain the costs and benefits of the transition.
Schedule a Meter Installation If your provider offers Economy tariffs, they will arrange for an Economy meter to be installed. This usually involves replacing your existing meter with one that can track time-specific usage. Installation fees may apply, so be sure to ask about costs upfront.
Explore Other Providers If your current supplier doesn’t offer Economy tariffs, consider switching to a provider that does. Many energy companies offer competitive rates for Economy 7 and Economy 10 plans.
Time Your Usage: Schedule high-energy appliances like washing machines, dishwashers, and storage heaters to run during off-peak hours.
Invest in Smart Appliances: Many modern appliances come with timers that make it easy to align their use with cheaper tariff periods.
Consider Home Energy Storage: If you have solar panels or an electric vehicle, consider using batteries to store cheap nighttime energy for use during peak hours.
Economy 7 and Economy 10 meters can be an excellent way to reduce your electricity bills if you’re willing to adapt your usage habits. By taking advantage of lower rates during off-peak hours, you can save money while also reducing the strain on the energy grid during high-demand periods.
If you’re interested in making the switch, start by evaluating your current usage patterns and contacting your energy provider. With the right setup and habits, you can make a smart choice for both your wallet and the environment.