Cut Your Economy 7 Bill By 40%!
Most households with economy 7 meters pay over the odds for their electricity, but you don't have to! You could save 40% with these tips.
For those of you who wonder what on Earth this Economy 7 thing is that shows up in gas and electricity comparison engines, it is a meter with two electricity rates: one for the day time, and a cheaper one between the hours of 12.30am and 7.30am. (1.30am to 8.30am during summer time.) That's seven hours, hence 'Economy 7'. In Scotland these are called 'White Meters'.Consumers are offered lower rates at night to help prevent the energy grid overloading during the day time, which is why approximately six million of us use Economy 7 (E7).But most E7 consumers are not using their energy efficiently, which is costing them a fortune. By using an average of just 37% of their electricity at night, they are spending so much during the day that they are overspending compared to people with standard meters.You need to aim to use more than half of your energy at night if you want to make good use of your E7 meter.Economy 7 usageNight-time usage in % of total10%40%70%100%E7 bill with current supplier£821£677£532£320E7 best bill after switching£650£529£406£172Data provided by XelectorUsing this table, we can see that by increasing your night-time usage from 40% to 70%, you could expect to save £145, or £271 if you switch from an average tariff to the best one. This is a massive saving of 40%!How to work out if you have an E7 meterYou have an Economy 7 meter if the Meter Point Access Number (MPAN) in your bill starts '02'. Your meter will have two wheels or two sets of numbers on the display. If in doubt, you can call your supplier and ask them what meter you have.How to increase your night-time (E7) usageUsing less energy during the day is a good start, which you could do by following the tips in Seventeen Ways To Cut Your Fuel Bills.To shift more energy consumption into the night, use timers to configure your main appliances to run during the small hours. A washing machine, clothes dryer or dishwasher cycle can consume up to 3kWh depending on the load, temperature and the efficiency of the appliance. During the night that would cost 9p per cycle, but closer to 30p during the day.If your appliances do not have timers built in, get external timers that plug into the socket.If you have a water storage heater, obviously ensure that it is set to heat during the right time at night and that enough water is heated to last you through the day. You should also check the weather forecast and set the heaters accordingly.How to replace your E7 meterFinally, if you find you can't raise your night-time usage above, say, 20%, you should consider asking your supplier to replace your meter with a standard one. Not many people know this, but some suppliers will allow you to change to standard tariffs without the fuss of changing the meter! So ask about this too.> Compare gas and electricity through The Fool.