Economy 7 Vs Standard Rate?

Sarahjovi

Hi,

Just a quick question to those in the know! My parents have just moved in to a 2 bed bungalow. N Power want to remove the economy 7 meter and replace it with a standard meter. They say as Mum and Dad don't have storage heaters (they have gas central heating) it would be cheaper to have standard rate all the time. Current rates are:

Econ 7 24.129p per kwh Night rate 4.389p

Standard Rate 15.383 per kWh

We don't have old bills to gage usage. So I know its hard to judge! But are N Power advising my parents correctly?

Also N Power have a Spreading Warmth rate at 12.800 per KWh, are my parents eligable for this. They are both over 60?

Thanks for any reponses.

Sarah

Cardew

Yes they are almost certainly giving them good advice re getting rid of Economy 7.

The problem with economy 7 is that you pay considerably more for their daytime rate(for 17 hours a day) than a standard 24/7 rate. Unless you have storage heaters it is very difficult to make sufficient savings during the 7 hours during the night to compensate for the extra you pay in the other 17 hours.

Gas will always be cheaper for CH and heating water.

That said NPower have expensive rates for electricity, so when they have changed to a Standard tariff with NPower you should look for a cheaper tariff with another company - it is possible in most areas to get 24/7 electricity on an internet tariff for around 10p per kWh.

If your parents are not 'internet savvy' you can run their accounts for them.

Sarahjovi

Hi,

Thanks for your helpful reply. Parents will be on the internet, just waiting for it to be connected!

Cheers

Sarah