Is Economy 7 cheap rate electricity right for you?
What is Economy 7?
Basically it's an energy supply that gives you cheap electricity at night, usually a 7 hour period between midnight and 7AM, that's the good news! The bad news is that your prices are higher than normal during the rest of the day.
How do I know if I'm on Economy 7?
Either check your energy bill or find your meter, if you're on Economy 7 you will have two rows of numbers on the meter display as well as two charges on your bill (day and night)
Is Economy 7 going to save me money?
NOT always, this is where you may need to do some simple maths to work out what is best for you.
Dig out your electricity bill and find the electricity use which should be split into day and night, see example below:
Day use:1089 kWh
Night use:153 kWh
Total use: 1242 kWh
Divide night use by total use 153/1242 X 100 = 12.3%
If the percentage of night time electricity used is LESS THAN 30% then there's every chance you can save by switching to a single rate electricity contract. The above bill owner has now switched to a single rate tariff and saving £198.00 this year just on Electric.
We realise all this is confusing so why not send us a copy of your bill and we'll let you know whats best.
Please feel free to get in touch whatever your question.