Economy 7 meters - everything you need to know

What is an Economy 7 meter? 

There are various meter types to suit different people’s energy needs. But it can be difficult to understand what each one offers.

Economy 7 meters are only for electricity, not gas. They can track the electricity you use during the day and night separately.

What is an Economy 7 tariff?

An Economy 7 tariff gives you lower, off-peak rates for your electricity for seven hours at night. Think of it like the electricity equivalent of off-peak phone calls. You can have an Economy 7 tariff with any Economy 7 meter or Economy 7 smart meter.

How does Economy 7 work? 

An Economy 7 meter can separate the electricity you use during the day and at night. Your electricity rate will be cheaper during the night. However, the flip side is that the price of your electricity during the day will be higher than a standard single rate tariff.

If your meter was installed by British Gas, the cheaper night-time tariff runs for a period of seven hours between the hours of 12pm and 8:30am, depending on your meter.

If British Gas didn't install the meter, cheaper tariff times will usually be seven hours between 10pm and 9am, but it’s best to check with your supplier.

What are the pros and cons of Economy 7?

Whether an Economy 7 meter works for you will depend on your lifestyle and home. A cost-effective reason for using an Economy 7 meter is if you have electric storage heaters and a hot water tank. Storage heaters use electricity to warm up the ceramic bricks within the storage heaters and store heat at night which is then released the following day – the same goes for water in the hot water tank. On a standard, single rate electricity tariff that can end up being more expensive.

If you set appliances like slow cookers, washing machines or dishwashers to run at night instead of during the day then Economy 7 is another way of cutting down on your bills. And, if you charge gadgets, like phones, laptops, and rechargeable batteries during the cheaper rate hours, you could save more and they'll be ready for when you need them in the morning.

As a rule, Economy 7 meters work out cheaper for customers who use about 40% of their electricity overnight.

If you have an electric car, our EV tariff doesn’t work with Economy 7, although most energy suppliers now offer more competitive tariffs specifically for EV owners.

How do I know if I have an Economy 7 meter?

There are three main ways you’ll know if you are on Economy 7:

• Your electricity bill will have two separate readings for day and night
• The Meter Point Administration Number (MPAN) on your bill will begin with ‘02’
• Your electricity meter will have two sets of numbers

How to read an Economy 7 meter

If you’re on Economy 7 you might need to submit electricity readings to your energy provider to get an accurate bill. You’ll need to read and submit both sets of numbers on the meter.

You’ll need to read the numbers from left to right including any zeros and before the decimal point. The ‘low/off peak or R2’ rate is your night reading while the ‘normal or R1’ rate is your day reading.  If your meter has a number pad, press 6 to see the 2 rate meter readings in kWh. We have more information and diagrams in our how to read your credit meter article.

How to switch from an Economy 7 meter to a standard single rate meter

Economy 7 meters when used correctly (based on how and when you use electricity) could be cheaper when compared to a single rate meter.

But, if you have an Economy 7 meter and it’s working out to be too expensive, then it could be time to switch.

Just get in touch, tell us you’d like to switch to single rate metering and we’ll get the ball rolling.