Economy 7 and Economy 10 are types of electricity meter designed to save customers money on their bills. These work as follows:
Also known as E7 or white meters, Economy 7 meters can help you to save money on your electricity bill by offering different rates for Day and Night use. The meter works by offering seven hour windows during the night when savings can be made.
Economy 7 features Day Rate (R1) and Night Rate (R2), with the Night Rate offering savings when electrical equipment such as washing machines and dishwashers are run overnight. This is also useful for storage heaters whereby heat can be generated and stored through the night.
Although Economy 7 can offer savings on your bill, you will be charged premium rates during the day, and the system may not be practical for those living in close proximity to neighbours, such as in a block of flats.
Economy 10 works by offering different rates for different times of day and night. This type of meter offers 10 hours of reduced price electricity at off-peak times to help to save electricity costs. Economy 10 meters are similar to Economy 7, but have three extra hours of discounted electricity prices.
This means that residents can choose to run washing machines, lawn mowers and dishwashers at off-peak times in order to take advantage of these savings.
What are the Economy 10 off-peak hours?
This will depend on the part of the country you live in, and also your energy supplier. However, Economy 10 hours are typically broken down into three hours in the afternoon, two hours in the evening, and five hours at night:
- 1pm to 4pm
- 8pm to 10pm
- Midnight to 5am
As with Economy 7, suitability for Economy 10 very much depends on your living arrangements and lifestyle.