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Is there an Economy 7 tariff that gives cheaper day rates when the night usage drops?

  • 12 January 2018
  • 5 replies
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The economy 7 tarrif.

I have economy 7. I get cheaper electric for 7 hours overnight but pay more for daytime usage.

But Winter does not last all year so my storage heating is turned off for the best part of the year. Yet I continue to pay more for daytime usage.

This makes me reluctant to use electric appliances such as cookers for extra heating in the daytime.

Can there not be an intelligent tariff? One that gives a better day time rate when the night usage drops. When I look at my usage graph the difference can be seen very clearly.

I think this would be a very popular Tariff, I do not think any other power company is offering this - I for one would change suppliers.

Could OVO be the first to do this?
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Best answer by Tim_OVO 17 January 2018, 13:55

Can there not be an intelligent tariff? One that gives a better day time rate when the night usage drops. When I look at my usage graph the difference can be seen very clearly.

Could OVO be the first to do this?


Great topic @ViV

The benefit of Economy 7 tariffs are that they pass on savings (made by using energy when it's cheaper) to the consumer. If there's less of a need to use energy at night during the summer, the benefits will also be less. Typically we say that if you use 40% or more of your electricity at night in a year, it's worth sticking with your Economy 7 meter. Otherwise you can pay to get a single rate meter fitted, or get a smart meter fitted for free. What we can't do is constantly change your meter type from a single rate to a dual rate meter. It will cause administrative complications for sure!

You might be interested in VCharge - get a smart meter and this gadget changes the way your heaters work so you can choose when you want to be warm, and how warm you want to be: https://www.ovoenergy.com/vcharge.

What is a possibility in the not too distant future is dynamic pricing. As there's definitely periods during the day when energy is less in demand (and therefore cheaper), it might be possible to offer customers with a smart meter cheaper rates at these times. There's a similar conversation happening on this topic: https://forum.ovoenergy.com/smart-meters-smart-products-33/smart-meters-and-dynamic-pricing-313. Get involved and she what our users have to say about your idea!

Tim
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Can there not be an intelligent tariff? One that gives a better day time rate when the night usage drops. When I look at my usage graph the difference can be seen very clearly.

Could OVO be the first to do this?


Great topic @ViV

The benefit of Economy 7 tariffs are that they pass on savings (made by using energy when it's cheaper) to the consumer. If there's less of a need to use energy at night during the summer, the benefits will also be less. Typically we say that if you use 40% or more of your electricity at night in a year, it's worth sticking with your Economy 7 meter. Otherwise you can pay to get a single rate meter fitted, or get a smart meter fitted for free. What we can't do is constantly change your meter type from a single rate to a dual rate meter. It will cause administrative complications for sure!

You might be interested in VCharge - get a smart meter and this gadget changes the way your heaters work so you can choose when you want to be warm, and how warm you want to be: https://www.ovoenergy.com/vcharge.

What is a possibility in the not too distant future is dynamic pricing. As there's definitely periods during the day when energy is less in demand (and therefore cheaper), it might be possible to offer customers with a smart meter cheaper rates at these times. There's a similar conversation happening on this topic: https://forum.ovoenergy.com/smart-meters-smart-products-33/smart-meters-and-dynamic-pricing-313. Get involved and she what our users have to say about your idea!

Tim
Hi,
just moved house, new place had electric storage heaters and water heater, no gas. It was supplied on economy7 and we've just had OVO put a smart meter in (greener energy online fixed). We've been in about 6months now and I'm not really enjoying the night storage heaters, too hot at night when everyone is in bed, too cold in the evening. I've started installing convection heaters instead so it's actually warm when WE want. What's involved in switching to standard rate? Current unit rate: 14.6p daytime, 9p nighttime, but I think we'll end up replacing all the storage heaters eventually and the water heater can be put on as and when needed too I suppose. Standard rate is 13.2p, so it should be 10% cheaper if we did indeed stop using nighttime power and switch to standard rate. Are there other costs I'm missing? Will the existing smart meter need changing?
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Hi,
just moved house, new place had electric storage heaters and water heater, no gas. It was supplied on economy7 and we've just had OVO put a smart meter in (greener energy online fixed). We've been in about 6months now and I'm not really enjoying the night storage heaters, too hot at night when everyone is in bed, too cold in the evening. I've started installing convection heaters instead so it's actually warm when WE want. What's involved in switching to standard rate? Current unit rate: 14.6p daytime, 9p nighttime, but I think we'll end up replacing all the storage heaters eventually and the water heater can be put on as and when needed too I suppose. Standard rate is 13.2p, so it should be 10% cheaper if we did indeed stop using nighttime power and switch to standard rate. Are there other costs I'm missing? Will the existing smart meter need changing?

Hey Fezztah,

I’ve moved your topic over to this thread as I think you’ll find Tim’s answer helpful. As you already have smart meters fitted, I'd advise contacting the team on Facebook or Twitter to enquire about switching to a single rate tariff.

Lucy
Does OVO currently support Time of use Tariffs. I don't have a smart meter yet but am interested in half hour login time of use billing. If not Economy 7 tariff could be an option, but this must be coming out dated now?
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I've popped your post here, @Raymond lund, you'll find the answer you need above 👆🏻

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