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How to compare cheap Economy 10 Tariffs
Economy 10 tariffs are a type of energy plan that offers customers cheaper electricity during off-peak hours. If you generally tend to use most of your electricity during the evening or night, then this tariff could help you save a lot of money on your bills.
An Economy 10 tariff is very similar to an Economy 7 tariff, but it provides an additional three hours of cheaper electricity, giving customers ten hours rather than seven.
What is an Economy 10 tariff?
Economy 10 tariffs are a type of electricity plan that gives energy users ten hours of cheaper electricity each day.
Usually, an Economy 10 tariff will give a customer seven hours of cheaper electricity during the night, and an additional three hours of cheaper electricity in the day.
When compared to an Economy 7 tariff, you have an additional three hours of cheaper electric rates during the day rather than only having reduced costs for your electricity during the night.
Generally, these ten cheaper hours of electricity usage will cost around 50% of a conventional energy plan. However, it’s very important to remember that unit costs for the remaining 14 hours in the day may be significantly more expensive in comparison to rates that you would be expected to pay on other standard plans.
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What is the best way to use an Economy 10 tariff?
If your property is heated by electricity, rather than gas, you will see greater benefits from being on an Economy 10 tariff. If your home is heated by gas, it is likely that you will only see smaller savings on your energy bill.
If you have decided that an Economy 10 tariff is right for you, it’s recommended that you prioritise your energy consumption during the night and the three specified hours during the day. Economy ten tariffs are better suited to properties that have a heating system which is capable of retaining produced heat. Heating system examples include storage heaters, underfloor heating and water tanks.
It’s also a good idea to consider the number of different electrical appliances you have, these could include but are not limited to cookers, dishwashers, dryers or washing machines. If your schedule allows you to make use of these during the night, then you could save money with this tariff, as they will be in use when your electricity rates become cheaper. Think carefully about where these appliances are located within your home, as you don’t want your sleep being disturbed.
Do I need a different meter if I’m on an Economy 10 tariff?
Yes, Economy 10 meters are different to standard tariff meters. The meter will display two to three individual meter readings, this will depend and be calculated on the number of different rates you will have to pay.
It is highly likely that you will require a new meter to be installed in your home if you have decided to switch to an Economy 10 tariff from a standard plan. Your current or new supplier should be able to provide and carry out the installation of the new meter, although they may charge you. It’s a good idea to check the terms and conditions before you decide to go ahead.
Another key point to remember is that if you decide to switch to a standard plan from an economy 10 tariff, later on, you may be expected to pay for this change when the alternative meter is installed.
What are the disadvantages of an Economy 10 tariff?
One of the largest drawbacks when selecting an Economy 10 tariff will be the cost to switch to the new plan. This is because you will require a new meter to be installed. Your gas and electricity supplier will be able to provide you with a new meter but it is likely that you will have to pay a fee for this.
Economy 10 tariffs will also mean that you have to follow a stricter schedule with your energy consumption. The main reason for this is because the rates that are applicable during peak day time hours are likely to be much higher when compared to rates on a standard plan.
Winter months which are going to be a lot colder will require you to implement the same routine with your energy usage to take advantage of these reduced costs. This could be problematic with lower average temperatures.
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How do I read an Economy 10 meter?
Economy 10 meters are a little more complex compared to a standard meter, this is because these meters will display more than one reading. Your meter will show you two to three different readings depending on who your energy supplier is, these are the following:
- Day time – normal usage
- Day time – off-peak usage
- Night time – low usage
The Economy 10 meter will give customers one of two options; you’ll be able to scroll through the readings with the press of a button, or it will automatically refresh and cycle through them. The two to three-meter readings that are displayed will have to be passed on to your gas and/or electricity supplier, allowing them to calculate what your total bill will amount to.
Is an Economy 10 tariff the right option for me?
To summarise, an Economy 10 tariff could save you a lot of money over a period of time if you are mostly outside your home during the day, and consume the large majority of your energy during the night. The main reason for this is because you can take advantage of paying a reduced rate during the period in which most of your energy consumption takes place. On top of this, you are also given extra flexibility by making use of the three additional hours during the afternoon where you’re also eligible for the reduced off-peak energy rate.
To conclude, an Economy 10 tariff can help you save money if you have an electric storage heater within your property and/or predominantly use most of your energy during the night.