From pay-as-you-go electricity tariffs to comparing

Basic Terms Both Economy 7 and 10 tariff systems offer lower-priced electricity at off-peak hours of the day. Electric power companies introduced these rates as a means to reduce electric power consumption during peak times and offer discounts to subscribers who could adjust their electric usage habits and save. Economy 7 is an electricity tariff that offers seven hours of discounted service during an electric power company's off-peak hours. These differ from company to company, and may include 11 p.m. to 7 a.m. or 1 to 8 a.m. Economy 10 service offers 10 hours of discounted service at non-continuous times. For example, a household may have discounted service for five hours overnight, three hours in the early afternoon and two hours later in the evening. Home Types Both Economy 7 and Economy 10 were intended for use in different home heating system types. For example, Economy 7 is intended and best used in homes that have storage heaters and water immersion heating. These two heating types can be set to operate during off-peak hours, which helps save the household money. The Economy 10 system is geared toward homes with electrically heated wet radiator systems. Programming your heating system to work at the peak Economy 10 times can help to save you money. The times for Economy 10 are geared toward when heat is most needed. If you are uncertain which heating system type your home runs on or a home you are considering purchasing/renting, contact your electric company to find out more. Timing While you do not necessarily have to have the particular heating system described to successfully use Economy 7 or Economy 10, it is important you have a firm grasp of when your electric power costs are lower. This means running your television, washer and dryer and lights more often during off-peak times as a cost-saving method. While Economy 7 and 10 times vary by electric power provider, here are some examples of common timings. Electric company npower offers Economy 7 from 00:30 to 7:30 a.m. in the NorthEast and Yorkshire areas while Merseyside and North Wales' times are from midnight to 8 a.m. In areas such as South Wales and North Scotland, each meter has different settings. Eastern Electricity sets its times as either 12 to 7 a.m. or 12:30 to 7:30 a.m. during the winter and 1 to 8 a.m. or 1:30 to 8:30 a.m. during the summer months. In central Scotland, the Scottish Power Energy Networks set Economy 10 times as from 1:30 p.m. to 4:30 p.m.; 8:30 p.m. to 12:30 a.m. and 4:30 a.m. to 7:30 a.m. Availability Economy 7 meters are typically available in most parts of the United Kingdom. If you are interested in the service and do not have a digital meter or an older-appearing meter, an electric company may have to adjust your meter to one that can calculate electricity use during peak hours versus off-peak hours. Many such meters can be converted back to the single-tariff system if you find Economy 7 does not work for your household's particular energy consumption needs. Economy 10, however, is not offered in all areas of the United Kingdom. If you are uncertain what is offered in your area, contact your electric company or desired electric company to find out. The company also may be able to give you a history of electric usage that may indicate the electricity type that can best suit your needs. Keep in mind that both Economy 7 and Economy 10 have different pricing structures for what is charged during off-peak and peak hours. You will typically need to use anywhere from 15 to 45 percent of your energy during off-peak hours to experience cost-savings benefits from utilizing either time-of-use tariff for your electricity needs. Depending upon where you live, your electric company may offer variations on each of these tariffs.