Everything you need to know about an Economy 7 (Eco 7) energy plan

Moved in to a new house and getting to know a dual-rate meter for the first time? Or maybe you’ve made a change to your usage patterns (saying Hello to a new Electric Vehicle or Bye to some old storage heaters perhaps?) and want to hear more about an Economy 7 setup - We’ve got all your commonly asked dual rate questions covered!

Is an Economy 7 plan right for me?

The main advantage of an Economy 7 plan is a much cheaper unit rate for any electricity used during your off-peak times. This can often be several pence cheaper per kWh than the standard unit rate. It’s worth bearing in mind that to compensate for this cheaper off-peak rate, an Economy 7 plan charges a more expensive daytime or peak unit rate than the standard anytime rate. Therefore in order for this type of plan to be beneficial you’d need to use a certain percentage of your usage during these off-peak hours. This percentage will vary depending on the tariff prices available at the time.  

Can I get a smart meter with an Economy 7 plan?

We’re now installing Aclara SMETS 2 meters which are compatible with an Economy 7 plan. If you’ve got night storage heaters which need to be controlled via a time switch we’re also able to fit a 5-port terminal version of this meter. Previously we installed the Secure SMETS 1 meter, which were also compatible with a dual-rate plan and storage heaters. There’s more info on the Economy 7 smart meter compatibility on this topic. Need any more convincing - read more about the benefits of smart meters here.

Can I switch from an Economy 7 plan to a single rate plan?

Unfortunately, we don't currently have the functionality to change Smart Meters from Single Rate to Economy 7, or vice versa. This is something we are looking to make possible in the future and we’ll keep you posted with any further updates here on the Forum! 

Although we're unable to physically change the functionality of meters right now. We can offer an Economy 7 to Single Rate plan! This means you’ll be paying the same rate for each register.

If this is something you’re interested in, please get in touch with our Support Team.

Can I change from a single rate plan to an Economy 7 plan?

We’re not able to offer this change due to technical limitations. We’re working on introducing this in the near future though so do check back in later in the year.
 

How do I read my Economy 7 meter?

On a traditional meter sometimes the readings will be labelled - high and low or day and night-  which is easier to determine which reading is which. In your case the registers are labelled rate 1 and rate 2. Usually rate 1 refers to your day register but not always so it’s good to check before submitting your meter readings. You might be able to work out which reading is which by checking the current reading against your reading history on the ‘Meter Readings’ page of your online account or OVO app (download for Android or iOS).

If you’ve got a smart meter this will depend on which type of smart meter you’ve got installed, check the instructions for each model type OVO installs below.

SMETS1 ‘Secure’ 

There’s a slight difference between the the S1 meters we installed. To take a dual (day/night) reading for Secure Liberty 110 S1 smart meters (which are designed to work best with storage heaters), press 9 on the meter’s keypad. If you’ve got a Secure Liberty 100 S1 smart meter, press 6 to confirm the Day and Night meter readings (pressing 9 will show the reading if you’re a single rate member with this meter).
 

SMETS2 Aclara, Flonidan, Honeywell or Elster

Landis+Gyr 

If you’ve got a dual rate version of this meter press and hold down the ‘B’ button for roughly 5 - 10 seconds  - then tap the ‘A’ button. This will toggle between the ‘R01’ reading and the ‘R02’ reading as demonstrated in this handy video:

How do I tell my day and night readings apart?

If you’re unsure which reading is which sometimes the readings will be labelled - high and low or day and night. If not you might be able to check the current reading against your reading history on the ‘Meter Readings’ page of your online account.

If you can’t work it out using these methods the next step is to carry out a Load Test​. This involves taking two sets of readings at midday and during the afternoon. Only one reading should change between these times which will be your daytime register. 

When are my peak/off peak hours?

If you have a Smart meter installed by OVO, the off-peak times can be worked out using your Meter Point Administration Number (MPAN). You can find your MPAN on the ‘Plan’ page of your online account or OVO app (download for Android or iOS)

Then use this table below; the first two digits of your MPAN is the ‘Area ID’; the ‘Off peak’ times are on the column second from the right:

Please be advised that Secure, Aclara and Honeywell smart meters don't adjust for British Summertime. This means during summer your off peak times will be an hour later than advised above. 

If you have traditional meters or smart meters that were not installed by OVO, the off-peak hours may vary. The best way to find out in this case would be reaching out to your supplier (or our Support Team if you’re an OVO member)

Can I switch suppliers with an Economy 7 plan?

Of course! You’ll need to check that the supplier supports an Economy 7 set-up first, as not all suppliers do offer a compatible plan. If you’re not an OVO member yet - Check out our Economy 7 plans here.