- This topic has 5 replies, 3 voices, and was last updated 10 months ago by glyn taylor.
9th July 2018 at 6:35 pm #2182MarcusRParticipant
Hope someone can advise.
I have an air source heat pump and hence, when installed, I was recommended to get Economy 10 and went with SSE. However they are now uncompetitive and having looked at various options it seems to me that the so called Economy tariffs are actually all more expensive than the standard single meter type tariffs.
In all cases I used my actual last 12 months consumption and where necessary allowed for 5% VAT and variations in standing charges etc.
I have looked at EDF and Green Energy UK as examples of other non SSE affiliated *FULL SUPPORT* suppliers and I have run general comparisons through Compare the Market and USwitch and whilst EDF and Green Energy would show savings the cheapest options, and there were several, were not to go Economy 10 or Economy 7 but just to opt for a standard single tariff!
Avoiding the detail of the numbers I found the percentage savings interesting.
Economy 10 with a *FULL SUPPORT* supplier I can save around 14% (maybe more still waiting for confirmed quotes).
Economy 7 maybe 18% although I appreciate thats based on different hours.
Just standard rate and I can save 25%+.
So it looks as though it might be well worth changing to one of the suppliers who are happy to combine the reading?
Am I missing something or is the whole ECONOMY thing just no longer a money saving option?
Many thanks for any help anyone can offer.11th July 2018 at 10:52 am #2183MichaelParticipant
Economy 10 is only beneficial if you are maximising your energy usage during the off peak periods i.e running your heating, hot water boiler, washing machine/tumble dryer during these hours as you do pay a higher than standard rate for usage outside these hours. If the vast majority of your usage is not during the off peak hours then you may well benefit from a single rate tariff. Using myself as an example I use 80% of my electricity off peak so economy 10 is the best option for my usage and saving over £100 on the cheapest single rate tariff. You would probably only benefit from economy 10 if you are using a minimum of 50% off peak.11th July 2018 at 11:16 am #2184MarcusRParticipant
Thanks for that and what you say makes sense. My usage is around 50% off peak and comparing Economy 10 with a standard single tariff from the same supplier I am saving 25%.
However because other suppliers are considerably cheaper for Economy 7 and/or single tariffs there are still considerable savings for me to make by moving away from Economy 10.
I have been in discussions with Bulb Energy and I am waiting clarification as to whether they will only supply me on a single tariff but with my economy 10 meter (i.e. I supply them two readings) or whether they will supply me with an Economy 7 tariff on my economy 10 meter.
Either way I can save between 24 and 29% against my current supply costs.
If they do confirm Economy 7 pricing for Economy 10 I will update this post, submit my quotes and let Mark know.
Talking of which my thanks to Mark for this excellent site. That with help from the forums has set me on a road to significant savings.11th July 2018 at 11:24 am #2185MichaelParticipant
Bulb support e10 on a single rate tariff, I have had it confirmed by their social media team in the past. Let us know how you get on, any saving is always better in your pocket????11th July 2018 at 11:36 am #2186MarcusRParticipant
Yes that’s what their online chat said to me yesterday and it is also what their web site states but I have applied and they have sent me a welcome pack with high and low rates (!) so I have queried it. I’ll let you know the outcome.1st February 2021 at 11:34 am #4286glyn taylorParticipant
I have only just joined this forum so reading through some of the info on here.
I have a E10 meter but I had a solar installation with 22 panels and a battery storage system that does a few things. Firstly it uses solar as a primery when it can, it then uses battery as a secondary and then only if that can’t cope it will draw from the grid.
If the solar cannot produce enough power to charge the batteries I use the grid to force charge on off peak rates.
Just to give you some idea the whole system cost me around £13k I did recently enquire as to putting another 8 batteries on which would pretty much see me only use off peak rates but that came to an additional £8k so I decided it wasnt worth it.
I only have electric with instant ATC heaters 2x 3kw water heaters insuction hob and oven my annual bill come to around £1k which I don’t think is too bad.
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