What You Need to Know About Economy 10 Tariffs
We all want to save as much money as possible on our energy bills and if you’re somebody who uses the vast majority of your electricity during night time, or the off-peak hours, switching to an Economy 10 tariff may be the perfect option for cutting costs.
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What is an Economy 10 tariff?
An Economy 10 tariff is a type of an electricity deal which offers much cheaper usage rates during 10 off-peak hours of the day.
What are the Economy 10 times?
What exactly is defined as off-peak hours can vary depending on your energy supplier but generally you’ll see them divided up into:
- 7 hours during the night
- 3 hours during the day (this will most likely be sometime in the afternoon or evening)
During these off-peak hours the price of electricity could fall by up to half of the average rate. It’s important to be aware though that outside of these hours, you’ll typically be paying much more than this average rate.
Some suppliers will also change their off peak-hours when the clocks go forward and back which could impact your established routine.
Who are the Economy 10 suppliers?
There’s not a lot of demand for Economy 10 tariffs in today’s market, mainly due to the night time hours they favour, so they're not offered by many UK’s suppliers. In addition, those who do offer them don’t always advertise the fact.
Most suppliers selling Economy 10 tariffs also have quite a few stipulations in place. Some for example, are no longer installing new Economy 10 meters and will only accept you if you already have one and others will only let you switch to an Economy 10 tariff if you’re an existing customer.
If you’re dead set on switching to an Economy 10 tariff, it’s best to contact your chosen supplier directly to see what your options are.
How do I switch to Economy 10?
You might not always find Economy 10 tariffs for sale amongst the other options on your supplier’s website. Most energy comparison sites also don’t allow you to search for them.
Our advice is if you want to switch to an Economy 10 tariff would be to either phone or email your chosen supplier to see if they can facilitate it for you.
Can I get a smart meter with Economy 10?
You might be able to get a smart meter with your Economy 10 tariff but this depends on which energy supplier you’re with.
Economy 10 tariffs require their own specific type of meter which can record and keep separate how much energy you’ve used in the peak and off-peak hours.
What’s the difference between Economy 7 and Economy 10?
Economy 7 tariffs only give your 7 off-peak hours in which you get cheaper usage rates for your electricity where Economy 10 allocates you 10.
What are the advantages of Economy 10?
- If you’ve got the right kind of lifestyle, Economy 10 could help you save on your energy bills.
Consumers who use the majority of their energy at night will be able to take advantage of much cheaper electricity rates.
- Economy 10 is great for those with an electric heating system or underfloor heating
You can heat up your water during the night when it’s less expensive and then use it all throughout the next day.
- You do have a little bit of flexibility
If you do find yourself at home occasionally during the day there’s still a few off-peak hours in which you can enjoy cheaper electricity.
What are the disadvantages of Economy 10?
- If you don’t stick to those off-peak hours your energy bills will increase
Before switching to an Economy 10 tariff you need to be 100% sure you can stick to the off-peak hours. If your routine suddenly changes and you find yourself using the majority of your energy during peak daytime hours you’ll end up paying more.
It’s also important to think ahead in the long term. While you might be okay in warmer weather but once it starts to get colder you’ll probably want the heating on much earlier.
- There’s less suppliers to choose from
Many UK suppliers don’t offer Economy 10 tariffs so if you’re not happy with your current deal you could struggle to find a better one.
- If you switch back to a regular fixed tariff you’ll need to cover the costs of a new meter
Economy 10 tariffs require their own special type of meter so if you want to switch back to a fixed tariff you’ll need to pay to replace it with a regular one.
- Off-peak hours vary between suppliers
Not all Economy 10 tariffs operate on the same off-peak hours so if you go to switch you might not be able to find another one that matches up with your existing schedule.
If you do manage to switch, you might need to pay for your meter to be reprogrammed so it can work on your new suppliers off-peak hours.
How much can I save with Economy 10?
It’s difficult to say for certain how much you’ll save with an Economy 10 tariff because the price of the off-peak rates do vary between suppliers.
There’s also few other factors that come into play, like how many people reside in your house and how often you use your appliances. Somebody living alone will generally be able to save more than a busy family of five for example.