Is Economy 7 Worth Keeping?

cooners

Hi
I've just moved into a high rise flat and found the electricity is on economy 7 on a key meter. The flat has four (rather old looking) night storage heaters and an immersion tank for hot water.
First up I'm 100% getting rid of the key meter, can't understand why anyone would want one, they are just a waste of money but SSE charge to replace it so I'll switch supplier first.
Whilst I'm doing that I'm trying to work out if I'd be better of sticking on economy 7 or going to a normal tariff, leaving the storage heaters and immersion off, buying a few free standing oil filled radiators and simply boiling the kettle for the one or two times a day I need hot water.
I'm out working from 6am-7pm most week days so the storage heaters would be pretty useless I think by the time I get home.
What should I do?

jk0

Wait until 1st January, then use the storage heaters for a month, then switch them off and use direct heaters for a month. (Don't forget to heat water on day rate.)


At the end of those two months, you should be able to work out from your meter readings which option is preferable.

buglawton

Not all suppliers offer non-Economy 7 tariffs if there are separate day and night readings. For example EDF would force you to use one of their Economy 7 tariffs. So, less choice. Pity that Ofgen didn't force all suppliers to accept adding combined unit readings to offer their full range of tariffs where dual metering is installed.

AndyPK

I would say stick with e7 for now.

Night storage heaters still put heat into the flat over the period of a day.
Better than no heat. Excellent if there is one in bedroom. Open it’s vents.

You may appreciate them on at weekends or when snow is in the ground

[Deleted User]

At the moment prepayment meter rates are much cheaper than expected being as much as 3p/kwh cheaper than standard variable tariffs with the same supplier. Prices have been rising steeply lately leaving prepay rates capped to last Aprils revue price.
This may all change this week when the Oct 1 st revue will most likely raise the cap to slightly below current standard variable rates.
Either way its going to pay you to get on a credit meter asap.
There are some excellent Eco 7 tariffs around now which match or beat the cheapest single rate electric meter rates. eg Yorkshire Energy currently offer their Green Badger fix Oct 2019 at 12.55/kwh for normal and 12.10p/kwh for low rate. These tariffs are so close together it would nt matter at all what the day/night percentages were its still around the best rates in the UK available today.
Yorkshire Energy are the first supplier to identify that many Eco 7 users do not need to use a high percentage of night rate units to make it pay and so are offering almost identical low day/night rates.
Eco 7 meters are installed as standard meters in many towns where the occupiers have never had night storage or all electric heating.

WhoIsThat

cooners wrote: »

Hi
I've just moved into a high rise flat and found the electricity is on economy 7 on a key meter. The flat has four (rather old looking) night storage heaters and an immersion tank for hot water.
First up I'm 100% getting rid of the key meter, can't understand why anyone would want one, they are just a waste of money but SSE charge to replace it so I'll switch supplier first.
Whilst I'm doing that I'm trying to work out if I'd be better of sticking on economy 7 or going to a normal tariff, leaving the storage heaters and immersion off, buying a few free standing oil filled radiators and simply boiling the kettle for the one or two times a day I need hot water.
I'm out working from 6am-7pm most week days so the storage heaters would be pretty useless I think by the time I get home.
What should I do?

Great thread. We've never had a thread like this before I can remember :cool:

I don't think there are many peope who want prepayment meters - they usually have them because they cannot get credit.
(although, a few people who may be able to get credit do not feel comfortable with managing credit opt for PPMs)

Economy 7 is a tariff that provides cheap electricity for 7 hours per day, every day, 365 days a year (366 days in a leap year).
Why would anyone want cheap electricity, typically less than half price?

Also as you already have heaters (storage ones) why would anyone spend more money on more heaters, especially when they will use electricity that costs perhaps over 100% more per kWh than the heaters you already have?

Storage heaters - there is a clue there, I think. They are designed to store heat, presmably for when you want/need it
Of course, if you don't turn them on until you get home, they will be pretty useless ... at least until the following day when they would have had a chance to charge up overnight with heat.

Warning! Pouring boiling water from a kettle over you when are attempting to shower could result in serious injuries. Save the kettle for making yourself a cuppa

:cool:

WhoIsThat

Houbara wrote: »

At the moment prepayment meter rates are much cheaper than expected being as much as 3p/kwh cheaper than standard variable tariffs with the same supplier. ...

[STRIKE]Simon[/STRIKE] Martin says anyone who has a credit meter and is on a supplier's standard variable tariff is allowing themselves to be ripped off by their energy supplier.

AndyPK

Whoisthat - You can't turn them on when you get home. You can open the flaps and hope there is some heat left in them.

They also aren't magic. The heat will leak out slowly.
But you do need to remember to close the flap/dial to 0 before going to bed. And open it up when you get home

macman

Adjust the NSH's so that they release their heat more slowly. Your proposal will involve a) the cost of the new heaters, b) the cost of changing the meter (dependent on supplier), c) a 300% increase in your heating and hot water costs.

cooners

Ok thanks for the replies. Will stick to the Storage Heaters for now at least, get rid of the pre-payment meter and hunt down the best economy 7 tariff.