Economy 7 is a type of energy tariff that offers different pricing options for electricity depending on the time of day or night. This type of tariff functions in a similar way to peak and off-peak phone calls. All electricity that is used during the night time hours has a lower price.

Why Economy 7?

The reason that this tariff is referred to as Economy 7 can be explained by the amount of hours per day when the price of electricity is cheaper.

There are 7 hours each night when cheaper electricity is available. In order to get access to the Economy 7 tariff, a certain type of meter needs to be sued. A meter for Economy 7 is different than a standard meter, because it has the ability to keep track of nighttime electricity usage. This is essential for getting access to the cheaper electricity rates that exist for 7 hours each night. The meter needs to be able to track when exactly the electricity is being used.

How Do you Know if You Have the Economy 7 Tariff?

It is important to be aware of you have the economy & tariff so that you can use more electricity at night when the price is cheaper, determining if you have the Economy & tariff is pretty straightforward. All you have to do is check your electricity bill. If two different rates are shown on your bill, this means that you have economy 7. One rate if for daytime electricity usage and the other is for night time usage.

If you do not have access to your bill, it is possible to determine if you have Economy & by taking a look at your meter. If your meter has two sets of numbers with one marked “low and the other marked “normal, “ it is likely that you have Economy 7. If there is ever a doubt if you have Economy &, you can always call your electricity company for more information.

Can You Switch to Economy 7?

It is possible to switch to Economy 7 and take advantage of the price breaks that occur for night time electricity usage. However, you will need to have a special Economy 7 meter installed. There are different Economy 7 prices that you can choose from, so before you switch be sure to compare all prices and choose the options that best meets your needs.