Economy 7 or no economy 7???

moneysavingwannabe

Hi,

Probably too late to ask this but oh well!!:o

We have just had our electricity meter switched. They were doing it as part of long term maintanance or something, as he was putting the new one in I asked what sort it was.

We already had an economy 7 -2 rate meter. He was putting the same in but electric so I asked him to put a one rate in instead. Have I done the right thing?? Haven't researched it but thought as we don't have storage heaters or anything????

We are on scottish power fixed til 2011.

Thanks

sandiep

Some the highest electricity bills i ever had were under economy seven. (And that was Scot Power)

If you don't have the storage heaters, use your washing machine/tumble dryer at night (which you really shouldn't do!), or have an immersion heater that works at night, then you will probably be saving money.

Go now and shop around for the best tariff you can get. Scottish Power will undoubtably have put you on their most expensive single rate tariff.

moneysavingwannabe

Hi,

Thanks for your reply, was worrying a bit as I normally like to research stuff first but was spur of the moment!

Can they just shove us on any tariff even tho we have been on a fixed rate tariff for the two rate?

moneysavingwannabe

Hi

ScottishPower Gas and Electricity Prices

For domestic Fixed Price Energy Offer customers effective from 2nd February 2008.

11 East Midlands Single Rate
Standing charge 18.39p exc vat day 9.024p night n/a
inc vat standing charge 19.31p day 9.475p night n/a

11 East Midlands Two Rate
Standing charge 19.55p exc vat day 9.744p night 4.533p
inc vat standing charge 20.53p day 10.231p night 4.760p

Hi,
This is what we are on, will they just shift us onto the one rate??
Anyone know if these rates are still competitive? We are fixed til 2011

Thanks

jd87

I wouldn't worry. I'd say you've done the right thing if you don't have storage heaters. You should probably email Scottish Power and let them know what's happened though. Don't bother phoning, you will be waiting for hours.

dunloadin

Can they just shove us on any tariff even tho we have been on a fixed rate tariff for the two rate?

No, the only way the tarriff can be changed is if you request it.

If the guy changing the meter was supposed to be doing a 'like for like' change he should have put an Eco7 meter on.

If your being billed for a single rate and they have been adding the day and night reads together to get your useage then getting a single rate meter fitted makes sense. But if you are on an Eco7 tariff and he's put a meter on that just gives one rate your gonna have fun once the estimated bills come in and then a meter read gets done!

Rachie004

Not any real help to the thread but why are you not supposed to run your washing machine at night? Just curious

owain.davies

As a general rule, you need to be using 25-35% (depending on your suppliers actual rates) of your electricity overnight in order to benefit from economy 7, due to the high day rates charged on it. This is fine if you've got correctly set up storage heaters, and will probably save you money, but most households without storage heating aren't able to use this much electric in the E7 hours.

If you like the idea of saving money by running things at night, but can't make the E7 minimum, one alternative is the EDF Energy's Eco 20:20, which has a 20% discount on a longer night rate (9pm-7am and all weekend), but standard rate in the day, but no other suppliers currently support it, so you won't be able to switch without another meter change.

Premier_2

It depends where you live and what Scottish power tariff you are on. You may be better off with E7, even if you don't use any overnight electricity!

http://forums.moneysavingexpert.com/showthread.html?t=1207887

You may decide to switch supplier at a later date. Some suppliers are happy to bill you on a single rate tariff even if you have a dual rate meter.

There's no simple answer.

timthetortoise

What happens if your Econ 7 meter is set up wrong. Please see thread from me today.

Fire_Fox

Rachie004 wrote: »

Not any real help to the thread but why are you not supposed to run your washing machine at night? Just curious

In case it sets on fire. No really!