The vast majority of homes and commercial units in the UK are connected to the mains electricity power grid. This means that property owners or managers need to work with energy suppliers to ensure a continual electricity power supply.
Economy 10 refers to a specific type of electricity tariff, offered by many providers. Although there are numerous electricity tariffs to choose from, an economy 10 tariff may be the most economical way for you to access the power you need. Read on to learn more about economy 10 tariffs and find the answers to commonly asked questions.
What is Economy 10?
Economy 10 refers to a type of electricity tariff. This means that your bills will be based on economy 10 tariff prices, set by your supplier. As a differential tariff, economy 10 means that you’ll pay a different price for electricity, depending on when you use it. Often classified as ‘off peak’ and ‘on peak’ hours, you can save money by using electricity during off peak hours when you choose an economy 10 tariff.
Most economy 10 tariffs feature off peak hours overnight and at set times during the day. This means your economy 10 electricity contract may offer two or three ‘blocks’ of off peak hours during a 24-hour period. Although you’ll be able to use electricity at any time, you’ll pay a cheaper rate for it during the off peak hours.
Economy 10 tariffs are designed to deliver at least 10 hours of off peak electricity usage during every 24 hour period, hence the name. However, not all economy 10 tariffs offer the same off peak hours, so it’s important to check your contract to determine when your off peak hours are.
How To Use an Economy 10 Meter
If you’re using an economy 10 tariff, you’ll need an economy 10 meter to measure your energy consumption. This tells your supplier how much electricity you’ve used and, therefore, how much you should be charged. However, you can also use your economy 10 electricity meter to track your energy consumption. If you want to be more energy efficient, for example, you can use your economy 10 meter to monitor energy usage and reduce your electricity consumption.
Economy 10 meters are pre-installed with two rates, which lets your supplier calculate accurate bills depending on when you use electricity. Due to this, it’s important to ensure that your economy 10 meter has been programmed with the correct rates, according to the agreement you’ve made with the electricity supplier.
If you’re switching from a standard electricity tariff to an economy 10 contract, you’ll need to have a new meter installed so that your energy consumption can be calculated using two rates, rather than one. Some companies charge a small fee for changing your electricity to meter to an economy 10 meter but the cost of this is often offset by the savings you’ll make in the long-term.
Can You Use an Economy 10 Smart Meter?
Currently, most existing Smart meters don’t facilitate economy 10 tariffs. This is because they use one, single rate to calculate your bills, which isn’t compatible with economy 10 agreements. Although a Smart meter could still be used to monitor your overall energy consumption, you would need a separate economy 10 meter to provide your energy supplier with accurate readings that incorporate two rates.
However, technology is evolving all the time and manufacturers are adding extra features and functions to Smart meters. This means it’s likely that many Smart models will be capable of facilitating economy 10 tariffs in the future.
Is it Easy to Find Economy 10 Suppliers?
Most electricity providers offer economy 10 tariffs, but not all do. However, it’s easy to find economy 10 suppliers. You can visit electricity provider’s websites and input your postcode to see which tariffs are available in your area.
When choosing an economy 10 tariff and supplier, your location is important because energy providers base their tariffs on local electricity supply. This means that the availability of economy 10 tariffs, as well as economy 10 times, can vary depending on where your property is situated.
Alternatively, a comparison website will allow you to search their providers to find the ones that offer economy 10 electricity tariffs in your location. Although comparison websites can be the most efficient way to find an economy 10 electricity provider, you should be aware that not all energy companies are listed on comparison websites. Due to this, it’s important to do your own research too, if you want to find every supplier that offers economy 10 tariffs and determine which one is the most cost-effective.
How Does an Economy 10 Tariff Work?
Economy 10 tariffs work by charging you two different rates for electricity, depending on when you use it. If you use electricity during off peak hours on an economy 10 tariff, for example, it will usually be cheaper than using the same amount of electricity during on peak hours. Depending on the specific rates you’re offered, off peak electricity can around half the price of on peak electricity.
However, on peak electricity rates on an economy tariff do tend to be a little higher than standard electricity tariff rates. This means that you’ll need think carefully about when you use the most electricity to determine whether an economy 10 tariff is right for you.
If the majority of your electricity usage occurs during off peak hours, for example, an economy 10 tariff could be a good way for you to save money on your utility bills. In contrast, homeowners who use a lot of electricity during on peak hours could end up spending more on an economy 10 tariff.
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What Are Economy 10 Times?
Economy 10 tariffs charge different rates for electricity depending on when you use it, which means you’ll need to know when your off peak and on peak hours are. This can vary from one supplier to another and from one location to another, so it’s important to check your contract carefully to see when your off peak and on peak hours are. Similarly, off peak and on peak times can vary depending on whether you have a credit meter or a pay-as-you-go (PAYG) electricity meter.
In general, however, most economy 10 tariffs feature an off peak block of hours during the afternoon and overnight. Some economy 10 tariffs also feature an off peak block of hours in the evening.
An economy 10 tariff with two sets of off peak hours might look like this:
Afternoon off peak hours: 1-4pm (3 hours) and overnight off peak hours: 12-7am (7 hours)
An economy 10 tariff with three sets of off peak hours might look like this:
Afternoon off peak hours: 1-4pm (3 hours), evening off peak hours: 8pm-12am (4 hours) and overnight off peak hours: 4-7am (3 hours).
As you can see, both types of economy 10 tariffs provide you with 10 hours of off peak electricity usage throughout a 24 hour period, but the off peak hours are simply split in different ways. This allows you to choose a tariff that suits you most, based on when you’re likely to use the most energy.
Who Offers an Economy 10 Tariff?
Most of the major energy suppliers in the UK offer an economy 10 tariff, along with a significant proportion of the smaller electricity providers. However, energy companies base their economy 10 tariffs on local electricity supplies, so your location will have a major impact on whether you’re able to access this type of tariff.
Fortunately, it only takes seconds to find out whether you can access an economy 10 tariff from a particular supplier. Simply enter your postcode on their website and you’ll be able to see which tariffs you can use. Alternatively, you can contact an energy provider by phone to find out if they can provide an economy 10 tariff.
Who Should Use an Economy 10 Tariff?
Economy 10 tariffs can be a cost-effective way to access electricity, but they aren’t necessarily right for everyone. If you use a lot of electricity during peak hours, for example, an economy 10 tariff probably isn’t the best option for you. However, if you use most of your electricity during off peak hours, or you’re willing to switch your routine to do so, an economy 10 tariff can reduce your costs.
Is an Economy 10 Tariff Cheaper?
An economy 10 tariff can be a cheaper way to access electricity, but it isn’t always. On an economy 10 tariff, the overall cost of your electricity will depend on when you use the most electricity (and, therefore, which rate applies). Providing the majority of your electricity consumption occurs during off peak hours, an economy 10 tariff should be cheaper than a standard tariff.
Of course, you can reduce your energy bills even more if you cut the amount of fuel you use. By reducing your overall energy consumption, for example, you can increase the energy efficiency of your home and save money on your bills at the same time.