What is Economy 7?
Economy 7 is the name of an electricity tariff provided by suppliers in the UK, which uses a two-rate electricity meter and night storage heating system to provide cheaper, off-peak electricity during the night time.
Night storage heaters are boxes containing heat-retaining material, which is heated up internally by electrical elements during the night time. The heat builds up in the heater and is then slowly released during the day to keep a room warm.
The night storage system is controlled by a time clock, so that the power can be turned on and off at the appropriate time as and when decided by the consumer.
The electricity consumed is measured by a two-rate meter which switches between day and night, the low period being usually between the hours of 1am and 8am (varying by an hour when the clocks are changed for British summer time).
Can Economy 7 save me money?
As the electricity used to heat up these systems is consumed during times of low demand, suppliers are able to offer an Economy 7 tariff at much lower prices than electricity used during the day.
Do I already have Economy 7?
Your electricity bill should be able to indicate whether or not you are currently on an Economy 7 tariff. Generally, if you have two separate rates for your day and night usage, you have Economy 7.
How do I get Economy 7?
To switch to Economy 7, you will need to have the relevant two-rate meter installed. Before doing this, though, it is recommended that you compare Economy 7 tariffs to see how much you could save.
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