Economy 7 Heating – What is it?

What is Economy 7  Heating

Economy 7 heating
Economy 7 heating

 

 

Economy 7 heating is where electric night storage  heaters are charged up every night with electric heat  and then this heat is then released the next day very slowly.

Night Storage Heaters  store thermal energy by heating up internal ceramic bricks (effectively, ‘charging’ like a very large rechargeable battery) during the night when electric is at its cheapest.

Storage heaters are primarily designed for customers to benefit from off peak energy which is used to charge up these heaters on a nightly basis.

Storage heaters are usually the best option for households not connected to the gas grid and need to use electricity as a heat source. You will need an economy 7 meter for best use of them

 

What Is Off Peak Energy & What Off Peak Tariffs Are Available ?

Free Grants For Radiators [Electric Storage Heaters

Many energy suppliers offer significant discounts on the use of electricity at night time as demand for power is significantly reduced.

This is called the ‘off-peak’ period and the companies reduce the cost of power between midnight and 7am.

The “Economy 7” tariff is the most well-known. Economy 10 is another one.

You get one meter which has two rates.

You pay normal prices during the day, but cheaper rates for seven hours during the night (usually 12pm-7am).

 

What is the best heating and hot water system for Economy 7?

 

It depends what kind of heating and hot water system you have.
Electric storage heaters and a hot water tank are the best combination for Economy 7.
That’s because you can charge them up during the night  when electric is at its cheapest and then use the heat and hot water in the daytime.
 

 

DID YOU KNOW? – Electric Heating Grants Available

Free Storage Heaters
Free Storage Heaters

Grants available to exchange old heaters.

See Our Grants Page Here

 

 

 

What Is An Economy 7 Meter ?

 

 

Economy 7 meters, are separate meters which have to be specially installed that  track day and night use of electricity separately.Tjhis is the preffered method for night storage heaters.

Different kWh rate can be offered via an Economy 7 tariff – a bit like peak and off-peak phone calls. Night time electric is much cheaper and this is when your storage heaters should be charged up

This can be a good way of saving money for energy customers.

 

How does Economy 7 work?

Economy 7 allows you to get cheaper electricity for seven hours each night.

These tariffs use a different kind of electricity meter which, unlike a standard meter, can track the electricity you use during the day and at night separately.

You’re then charged those different rates for the electricity you use during the day and during the night. The day rate is omore expensive than day rates on a normal tariff, meaning that this doesn’t necessarily fit in with everyone’s lifestyle.

However, it could work for you if you tend to use more energy during the specified Economy 7 times.

 

Economy 7 Electric Storage Heater Running Costs.

Help With Heating Bills
Help With Heating Bills

The cost of running a storage heater depends on a range of different factors, including:

  • Room size and size and number of windows in the room.
  • The insulation in your home
  • The age and  type of glazing of your windows
  • The temperature you are comfortable with
  • The severity of the weather in your area

 

Economy 7 Times

storage-heater-grant

There are different times for when Economy 7 heat is charged, depending on your region.

See below table

Region Economy 7 off-peak times
North Scotland 11.30pm-7.30am
South Scotland 11.30pm-7.30am
North East 12.00am-7.00am OR 12.30am-7.30am
North West 12.30am-7.30am
Yorkshire 12.00am-7.00am
East Midlands 12.30am-7.30am
West Midlands 12.00am-7.00am
Merseyside and North Wales 12.30am-7.30am
South Wales Varies
South West Varies
London No standard off-peak time, but typically seven hours between 11pm and 7am
South East 10.30pm-12.30am and 2.30am-7.30am
Eastern 11.00pm-7.00am
Southern 11.30pm-6.30am OR 12.30am-7.30pm

 

Economy 7 Tarriffs

 

The table below shows the cost difference between the cheapest Economy 7 tariff with seven hours at off-peak rates and the cheapest normal, single rate electricity tariff.

Assuming 42% of electricity is used at night – the national average – an Economy 7 tariff could typically save around £22/year.

 

 

ELECTRICITY TARIFF AVERAGE PEAK RATE AVERAGE OFF-PEAK RATE AVERAGE STANDING CHARGE AVERAGE COST (1)
Cheapest Economy 7 12.1p/kWh 8p/kWh 22p/day £516/year
Cheapest normal 10.9/kWh 10.9p/kWh 22p/day £538/year

(1) Based on regulator Ofgem’s average usage figure for Economy 7 of 4,200 kilowatt hours (kWh) a year.

Economy 7 assumes 42% off-peak usage. Last updated: April 2020.

 

Grants For Economy 7 Night Storage Heaters

 

 Electric Heating Grants  for Economy 7 Heaters have been made available since 2017 and thousands of old heaters have been exchanged now .

If you have old electric storage heaters / economy 7 heaters that are faulty or broken installed in your home, you may be entitled to a Free Government Grant to help replace them all .

Under the Government Affordable Warmth Scheme, if you meet the criteria , you can have up to 4 brand new high heat retention heaters fitted FREE OF CHARGE.

With the Government’s ECO Scheme which has been ongoing since 2013 , over 1 million heaters have now been exchanged.

Free insulation is included too, which can be worth up to £6000.

 

INTERESTED IN A GRANT – APPLY HERE

 

Which Benefits Qualify For An  Economy 7 Heating Grant?

  • Child Benefit *
  • Child Tax Credit
  • Employment & Support Allowance
  • Housing Benefit
  • Income Support
  • Job Seekers Allowance
  • Pension Credit – Guarantee
  • Pension Credit – Savings
  • Universal Credit
  • Working Tax Credit
 

* Child Benefit Income Threshholds

Type of Claimant  –                                    Number Of Qualifying Children

                                                                           1                           2                         3               4 or more

Single Claimant                                      1 9800                     24600               29400               34200

Member Of A Couple                             27300                      32 100             36900                41700

 

 

 
 
 
 

Are These Grants Genuine?

Absolutely.

Martin Lewis   ( Money Saving Expert )  has a section on his website all about these free / part funded grants.

They are 100% genuine and are open to people on benefits or low income.

A lot of applications do fail however as the criteria is very strict but don’t let this put you off making an application.

It costs nothing to apply and you may be successful in getting thousands of £ worth of grants.

 

SEE MARTIN LEWIS WEBSITE FOR HIS OPINION ON THESE GRANTS HERE

 

 

 

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