Economy 10 tariffs are energy plans that offer cheaper rates at off peak times.
This means that if you are someone who uses the majority of your electricity at night time or in the evenings, then you could stand to make some big savings by switching to one of these tariffs.
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Economy 10 tariffs are essentially the same as Economy 7 tariffs , except that they give you 10 hours of cheaper electricity as opposed to 7.
Please note that, unfortunately, we can’t currently compare Economy 10 tariffs for you and so this guide is for information purposes only.
Economy 10 tariffs are electricity tariffs that give you ten hours of cheaper electricity a day.
Generally speaking these Economy 10 tariffs will give you seven hours of cheaper electricity at night and three hours of cheaper electricity during the day.
This is different to an Economy 7 tariff that will allow you to have seven hours of cheap energy at night.
Normally the ten cheaper hours of electricity are about half the price of normal energy plans. It is, however, worth bearing in mind that the rates for the remaining 14 hours can often be more expensive than the rates you would be paying if you were on other plans
You will be most likely to benefit from an Economy 10 tariff if your house is heated by electricity as opposed to gas. This is because you will only be making savings on a small amount of your energy use if your house is heated by gas.
If you are on an Economy 10 tariff, then you should try and limit your energy use to night time hours.
This means that Economy 10 tariffs are best suited to houses that have heating systems which are capable of retaining the heat that is produced. Examples of heating systems such as these include underfloor heating and storage heaters.
If you have household appliances such as dishwashers, dryers or washing machines, then it is a good idea to use these at night when you will be using the cheapest energy. It’s worth noting the position of these appliances in your house and considering whether or not they will disturb you or your family from sleeping.
Yes. Economy 10 meters will display two or three different meter readings, depending on how many different rates you will be paying.
This means that you will almost always need a new meter installed if you are switching energy deal to an economy 10 tariff from a standard plan. Whilst your supplier will be able to provide this meter for you, they will probably charge you for the service.
It is also worth remembering that if you do switch to an economy 10 tariff, then if you ever decide to go back to a standard plan, you will have to pay again to have a standard meter installed.
The biggest disadvantage of choosing an Economy 10 tariff is the actual cost of changing. This is because you will have to have a new type of meter installed. Your gas and electricity supplier will provide this for you but they will most likely charge you for it. If you ever choose to change from your Economy 10 tariff, then you will probably have to pay again to have a standard meter installed.
Economy 10 tariffs also require you to be much more structured with your energy use. This is because the standard rates that apply during on peak hours are often higher than the rates you would pay on other plans.
You will also have to develop a routine with your energy usage that you must stick to in order to enjoy lower costs, which may be difficult in the colder winter months.
Economy 10 meters are more complex than standard ones because they have more than one reading that you must take. Depending on your energy supplier, your meter should display either two or three readings which are for day/normal usage, night/low usage and day/off peak usage.
Your Economy 10 meter should either have a button that allows you to scroll through the different readings, or it will automatically cycle through them for you. You will have to take all two/three readings and pass on the details to your electricity or gas supplier, who will determine the collective costs and bill you accordingly.
Ultimately, an Economy 10 tariff can save you a lot of money if you are out of the house during daytime hours the majority of the time and usually use most of your energy at night. This is because you will enjoy paying a lower rate during the hours that you actually use energy the most. Furthermore, the additional two hours that you are allowed during the afternoon to pay an off-peak rate grants you a degree of flexibility with your energy usage in case you ever decide you wish to spend the day at home.
Furthermore, if you have an electrically heated, wet radiator system with an electric storage heater, then an Economy 10 can be particularly beneficial in saving you money because you can warm up the heater during the night at a lower rate, and then can use that low cost energy to fuel your home during the next day.
However, users should be aware that switching to and from an Economy 10 tariff can be expensive, as providers often charge to set up the unique meter. You must also be able to consistently use energy during certain times of the day and as such you risk paying over the odds if you are someone who cannot uphold the discipline required to maximise the savings with an Economy 10 tariff. Nevertheless, an Economy 10 tariff can save you a lot of money if you use most of your energy during the night and are definitely worth considering if you are someone who has an electric storage heater in your home.