What is an Economy 7 meter and tariff?

What is an Economy 7 meter and tariff?

An ‘Economy 7’ setup (also known as eco 7, two rate, or peak / offpeak tariff) has two different energy prices per day – a day rate, and a 7 hour long cheaper rate overnight. This means you pay less for any energy you use at night (usually between 12:00am and 7:00am) and more for energy used during the day (usually between 7:00am and 12:00am).

Originally designed to benefit homes with storage heaters that would heat up overnight, the tariff can also be useful for anyone who uses lots of power during the night.

Unsure how to read your meter? Try reading our comprehensive guide to taking readings from various types of electricity and gas meters here.

I’ve got an Economy 7 meter - how do I know which reading is which?

It’s important to get this right as mixing up day and night readings can lead to inaccurate bills. Older electricity meters usually have labels for each register. If your meter doesn’t then don’t worry: there’s a simple test to find out which reading is peak and off-peak.

Take a reading after 8.30am but before 11pm, then another reading 1 hour later. If you’re able, try to make sure you’re using electricity during this period; turn on some lights or boil the kettle a few times. When you look at the second reading, whichever register has recorded usage will be your peak reading.

If your readings have got mixed up at any point, don’t worry! As long as we can confirm which reading is which, we’ll be able to get everything fixed.

My meter only has one reading, why are you asking me for two?

If you’ve checked our guide to reading your meter and you’re sure there’s no second reading, please do get in touch. We might have received incorrect info from the industry database used by energy companies and need to correct it.

The best thing to do is take a clear photo of your meter and email it through to our team. We’ll check what’s going on and get everything fixed.

What happens to my Economy Seven (E7) tariff when I have a smart meter installed?

Your smart meter will have a fixed off-peak 7 hour period from 00:30 to 07:30. This time period takes place according to Coordinated Universal Time (UTC), so during British Summer Time (BST) the 7 hour period will take place between 01:30 and 08:30. This may differ from your existing off-peak period on your current non-smart meter.