{"id":784,"date":"2024-09-04T13:50:53","date_gmt":"2024-09-04T13:50:53","guid":{"rendered":"https:\/\/www.businessenergyuk.com\/?p=784"},"modified":"2024-09-04T13:51:20","modified_gmt":"2024-09-04T13:51:20","slug":"economy-7-for-business","status":"publish","type":"post","link":"https:\/\/www.businessenergyuk.com\/knowledge-hub\/economy-7-for-business\/","title":{"rendered":"A Business Owner’s Guide To Economy 7"},"content":{"rendered":" \n
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Looking for ways to cut your business’s electricity bill? You might want to consider switching to an Economy 7 meter. It\u2019s a popular choice for many business models, but there are a few factors to consider when deciding if it\u2019s right for you.<\/p>\n \n \"\"\n\n

With Economy 7 you\u00a0pay less for the energy you use at night<\/span>. This could be a no-brainer for your business, providing you know when the night rate hours are in your region. Plan it right, and you could make significant savings for your business.<\/p>\n

Use this comprehensive guide to help you decide whether your business can benefit from an Economy 7 electricity meter.<\/p>\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n

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What is Economy 7 for business?<\/h2> \"What\n

An Economy 7 tariff enables you to use cheaper electricity by giving you a reduced tariff for nighttime usage. In the same way you can save money on flights when you catch a red-eye, you get cheaper electricity because demand is lower. Discounted energy prices are available for 7 hours during the night, hence the name Economy 7.<\/p>\n

In business, this rate can be referred to as a multi-rate business energy contract.<\/p>\n

Depending on how your business operates, you could take advantage of the cheap nighttime rates that Economy 7 or multi-rate meters offer.<\/p>\n

When using an Economy 7 meter, you\u2019ll see two different rates listed on your bills – the nighttime off-peak rate and the peak rate the meter will use for the rest of the day. It\u2019s important to know that while suppliers<\/a> offer a tempting cheap rate at night, their daytime rate is noticeably more expensive.<\/p>\n

If your business does use most of its energy at night, it\u2019s likely an Economy 7 meter would be worth it.<\/p>\n\n\t

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How can Economy 7 save money on energy bills?<\/h2>

Whether Economy 7 can save your business money on your electricity bill really depends on how your business uses electricity. The rate can also vary across energy suppliers because they all offer their own versions of Economy 7.<\/p>\n \n \"How\n\n

With some basic details about your current electricity supplier and meter readings, you can use\u00a0Business Energy UK\u2019s comparison tool<\/a>\u00a0to get quotes from several suppliers in just 60 seconds. Our expert team can then advise you on whether such a tariff will suit your business needs if you wish to pursue a quote or get more information.<\/p>\n

You might need a new meter installing if you switch to an Economy 7 tariff, as contracts require a multi-rate or Economy 7 meter.<\/p>\n

Although some suppliers offer contracts that are compatible with smart meters, most require you to get a new meter if you switch because their Economy 7 meters aren\u2019t compatible with other companies’ meters.<\/p>\n

We would only recommend Economy 7 for\u00a0businesses that use electricity heavily at night<\/span>\u00a0while using little to no electricity during daytime hours.<\/p>\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n \n

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When are Economy 7 Off-Peak Hours?<\/h2>

Economy 7 night rate hours are defined by region. This can be confusing and some may be misled to believe these hours are determined by the supplier.<\/p>\n \n \"When\n\n

In some regions, the 7-hours is clearly defined as one period for any property that has an Economy 7 meter fitted. For example, for businesses based in London, the South of England, Yorkshire, the North West and the North East, you\u2019ll know the exact start and end times of the off-peak hours.<\/p>\n

Other regions aren\u2019t so simple. The 7 consecutive hours of off-peak service can start within a time phase of 10.5 hours. When that time frame occurs depends on the meter. The time must start at half-hour intervals, making it slightly easier to decipher because it will start at 00 or 30 minutes past an hour.<\/p>\n

If your company is based in a region that doesn\u2019t explicitly specify its Economy 7 hours, the night rate hours should be clearly outlined on the meter itself. If it isn\u2019t, you can contact your operator to ensure you have definitive guidance on the Economy 7 times specific to your meter.<\/p>\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n \n

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How can businesses switch to an Economy 7 Electricity Tariff?<\/h2>

Whether you want to switch suppliers entirely or first see if it\u2019s possible to switch to an Economy 7 tariff from a normal tariff with your own supplier, we\u2019re here to make the switching process as easy as possible.<\/p>\n \n \"How\n\n

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  1. Use our 60-second comparison tool to check quotes from many of the best energy suppliers<\/a>\u00a0in the UK<\/li>\n
  2. When you\u2019ve found the Economy 7 deal that\u2019s right for your business, inform the supplier that you\u2019d like to begin your contract<\/li>\n
  3. You\u2019ll need to provide them with basic information such as the company name, address, average electricity usage per annum, and details of your old supplier<\/li>\n
  4. It\u2019s common practice that they will contact your original provider to schedule a changeover date<\/li>\n
  5. They will contact you when everything is arranged to install your Economy 7 or multi-rate electricity meter<\/li>\n<\/ol>\n<\/div>\n

    That\u2019s all there is to it. All you need to do to reduce your energy bills is choose your supplier and tariff, then the new provider will do the dirty work for you to set things in motion.<\/p>\n \n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n

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    Frequently Asked Questions<\/h2>
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    \n Is it worth having economy 7?<\/a> \n <\/h4>\n <\/div>\n
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    Whether or not Economy 7 is worth the switch depends on when your business uses electricity.<\/p>\r\n\r\n

    Truth be told, it isn\u2019t a practical money-saving option for businesses that fit a standard 9-5 model and use electricity almost exclusively during the day. But let’s look at some examples of businesses that could save a great deal of money:<\/p>\r\n\r\n