Official MSE Economy 7 Guide discussion

Miss165

I'm currently on Economy 7, as my property used to have storage heaters.

It's had gas for a while now, and I'm wondering if it's worthwhile changing my tariff?

My thinking is that with Economy 7, you get cheaper rates at night correct? I'm out most of the day anyway so don't mind the rates being higher during the day as my consumption is highest in the evening...

I need to calculate exact savings of course, I just wondered what other people thought about this.

Thanks

pineapple

Miss165 wrote: »

My thinking is that with Economy 7, you get cheaper rates at night correct? I'm out most of the day anyway so don't mind the rates being higher during the day as my consumption is highest in the evening...

Most Economy 7 users have the cheap rate overnight - for example mine is currently 1.15 - 8.15 am. A comparatively small number of people have a split 7 hour schedule with a cheap couple of hours in the evening. It depends on the type of meter. You need to check the timings with your supplier (though your meter may well indicate what rate is in operation at the time).
The day rate with E7 is often massively hiked. For example my cheap rate is around 5p as opposed to the day rate which is 12p.
Don't forget background things like a fridge freezer - which will be running on the expensive day rate for 18 hours of the day. Plus all of your evening consumption up until around midnight which will also be on the expensive rate - assuming you are on a standard E7 schedule. And don't forget your days off!
Imo you are likely to be paying more than you need to if you stay on E7. Your supplier should be able to provide you a split of your cheap rate/day rate consumption thouigh this should also show on your bill. Can't remember the exact percentage but E7 is only worth it if you use over 40% (at least) of your electricity overnight.

Susan1942

I am using 81% night rate and 19% day rate according to the figures I have for over the past 12 months. So it is obviously the best option for me. I am at the end of a fix with Eon and need to switch as the DD would be going up by £19 per month
Looking at FLOW but don't know anything about them as a company Views would be welcome Sue

Patr100

Susan1942 wrote: »

I am using 81% night rate and 19% day rate according to the figures I have for over the past 12 months. So it is obviously the best option for me. I am at the end of a fix with Eon and need to switch as the DD would be going up by £19 per month
Looking at FLOW but don't know anything about them as a company Views would be welcome Sue

81% ? That is quite some night ratio there. Which suggests the question,
are you a shift worker, a night owl or a stay-at-home vampire?

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pineapple

On our last communication, they had me down at around 70% off peak and I don't understand that at all. I'm retired and at home at least half the day.
However the first hour or so when I get up is frantic - I try to get as much done as possible on cheap rate - cooking, ironing, showering, washing up and heating water to store in catering urns for day use (don't have a tank). Plus any dehumidifier use is overnight.
That 81% is phenomenal though. I would check they have the readings the right way round :eek:

footyguy

Susan1942 wrote: »

I am using 81% night rate and 19% day rate according to the figures I have for over the past 12 months. So it is obviously the best option for me. I am at the end of a fix with Eon and need to switch as the DD would be going up by £19 per month
Looking at FLOW but don't know anything about them as a company Views would be welcome Sue

http://forums.moneysavingexpert.com/showpost.php?p=71479326&postcount=6

footyguy

Patr100 wrote: »

81% ? That is quite some night ratio there. Which suggests the question,
are you a shift worker, a night owl or a stay-at-home vampire?

-

pineapple wrote: »

That 81% is phenomenal though. I would check they have the readings the right way round :eek:

Presumably the poster has NSHs and a nice big E7 hot water tank, plus makes the most the 7 hours per day cheap electricity.
Could also be that the timer is out, and so the 7 hours of low rate electricity actually gets delivered during the day/evening, rather than in the wee small hours of the morning.

wattsupnow

Not allowed to post a link but if you search a video sharing website: 'Economy 7 Right for You?' Those with a smattering of maths skills will be able to work out whether they should be on Economy 7 or not. The oft quoted figure of at least 40% night use is simply wrong. It can be as low as 25% and still save a little. My current supplier: Sainsbury's British Gas 4.17p kWh night tariff till Oct 17. Can anyone beat that?

footyguy

^^^

Just consult any comparison site to find out whether you are better off on E7 or not.

You need to run the comparison twice; once as a single rate and once as an E7 rate.
It doesn't matter what supplier & tariff you say you are currently on, and you must ignore any suggested savings.
What you are looking for to compare is the anticipated annual cost of the best tariff on each run.

Susan1942

I have no other forms of heating except Night storage heaters 6 heaters 3:large and 3 medium
I live alone in a retirement apartment I tend to use a microwave for cooking Water is heated overnight and yes it is a very large tank.
There is a laundry facility so all washing drying and ironing is done there. I was also.away for.7 weeks Dec/Jan and although I leave my heating it is at a very low temperature
My night consumption has always been around the 80 % Sue