What is Economy 7?
The Economy 7 energy plan (otherwise known as a ‘differential tariff’) is a way to save money on your energy bill by paying a cheaper electricity tariff for seven hours during the night. Running appliances like your washing machine, dishwasher etc during these periods can lead to savings of up to 50%.
An Economy 7 meter has two or more sets of numbers showing the different rates you pay. Usually, one set of numbers will show ‘normal’ or daytime electricity usage and the other set will show ‘low’ or night time electricity consumption. This can also sometimes appear as Rate 1 and 2 or R1 and R2.
Economy 7 gives a cheaper electricity rate at night and a higher one in the day. Whether or not an Economy 7 will work for you depends on when your household uses the most energy. If you’re wondering why there’s no Economy 7 tariff for gas, it’s because gas is used mostly for cooking, heating and hot water - you can’t choose to use it mostly at night.
Used with a storage heater, your Economy 7 meter can save energy and save you money by using and storing the electricity charged on the lower overnight tariff for use in the daytime (when the electricity tariff is higher).
What are the Economy 7 times?
Economy 7 times can vary depending on where in the country your property is. Regardless of location though, it will still give you a full 7 hours at the reduced rate in each 24 hour period. However, this is not necessarily a continuous 7 hours (Please contact us for further information).
Economy 7 rates
Some other meter / tariff combinations are available out there too. Other meters are available. Economy 10 for example is a differential tariff that offers lower rates during ‘off-peak’ times. Depending on the time of year, this could break down as follows:
Three off-peak hours in the afternoon (e.g. 1pm - 4pm)
Two in the evening (e.g. 8pm - 10pm)
Five overnight (e.g. 12am - 5am)
You need to be an organised household when on Economy 10 because the electricity tariff during peak hours will be significantly higher.
A complex meter is any meter other than Single Rate or Economy 7 with two or more time-of-use rates. They allow you to choose what suits you and your household based on when you are at home and when you use your energy. Examples of complex meters include Economy 9, Economy 10, Heatwise, Warmwise and Weathercall.
What does EDF Energy offer?
EDF Energy doesn’t install complex meters or have a tariff called ‘Economy 7’ but we do offer lots of different tariffs to suit you and your home. Find out more about our current household tariffs and get a quote by visiting our tariffs page.
If you are a business owner, we offer a two-rate tariff similar to Economy 7 and have many more options to suit your business times. Find out more by visiting our business tariffs page.
For more information on Economy 7, watch this video: