Remember Economy 10 is a meter type . It needs to be paired with an appropriate heating system to be effective.
75% of most peoples energy use is for heating and hot water. So if you use electricity for this, you could save money by shifting a significant amount of your usage into the cheap off-peak times.
What type of heating system do you have?
- Electric Boiler / Panel Radiators: ~ MAYBE
- If your house is well insulated then Economy 10 is ideal – you would time the heating to come on during the off-peak periods, heating your home 3x times per day. Having a room thermostat fitted can help make this easy and automated.
- However if your home is poorly insulated then it can cool down substantially in-between the off-peak periods (when the heating is off), in which case it may not be effective.
- Storage Heaters: ~ MAYBE This can work with Economy 10, but it depends on the specific wiring in your home. You need a timeclock to ‘charge up’ the storage heaters in the cheap off-peak times. Note that some storage heaters are switched remotely by the electricity network – these setups generally aren’t compatible with Economy 10, although an electrician may be able to alter the wiring to allow it to work.
- Gas central heating: UNLIKELY Economy 10 is unlikely to be of benefit if you have gas heating. This is because most of your energy (heating & hot water) is already supplied by cheap gas. Your electricity use will only be for lighting and appliances, so it’s going to be relatively low. If you’ve got a gas boiler you’re probably best choosing a standard electricity tariff and shopping around using a price comparison website.
- Heat pumps: √ IDEAL Economy 10 is ideal when combined with an air-source (ASHP) or ground-source heat pump (GSHP). Running the heat pump in the off-peak period means the cost of heating could end up cheaper than gas.