Is Economy 7 right for you?
Economy 7, when used correctly can help you save money. However, if you use nearly all your electricity in the daytime you might end up with a shocking (excuse the electricity pun!) surprise when you see your account.
Thousands of people are on the wrong tariff, with around 39% of 'time-of-use' customers that don't have storage heating or aren’t using any appliances at off-peak rates. Unfortunately, these are the key things you usually need in order to see the benefits.
In a nutshell, if you use make a point to use at least 40% of your electricity at night, use electric storage heating, especially in the cheap period whilst also setting appliances to run at this time, then it's worth sticking with Economy 7. This usually works in households where everything's powered by electricity.
To be sure it's good for you, check these simple rules.
- Rule 1: You usually need storage heaters
- Rule 2: You need to use as much electricity as possible at night
- Rule 3: The more electricity you use at night, the more you save
- Rule 4: Having a hot water tank helps too
- Rule 5: Compare to find the cheapest Economy 7 deal
How do I leave Economy 7?
If you decide that Economy 7 is not for you, we could switch you over to a SMART meter for free.