If you live in the UK you can take advantage of the open energy market to get the best electricity tariff for your home. From fixed rates to special rates for customers who manage their account online. Among the ways to get a discount is to sign up for an Economy 7 tariff plan. This tariff will give you a reduced rate for seven hours during the night, or what is considered the off peak time frame. While it may not be right for every household, if you have an electric storage heater that you can charge during the night or are able to restrict your water use, it’s an opportunity to save some cash. If you are considering signing up for an Economy 7 tariff, here is what you will need to make the switch.

Checking Your Meter Type

You probably know the type of energy tariff that you currently have, but if you’re unsure there is a way to find out if you already have an Economy 7 plan. Open your last electric bill and see if you have notations for night and day on the itemised list of charges. If you have two separate rates on the bill you have this special tariff. You can also look at the MPAN number on your bill – it will start with "02" if you are on the Economy 7 rate. Finally, you can inspect your meter to see if you have the seven hour reduced rate. Meters with different day and night rates have two lines of numbers, or one line with a button that switches between two different sets of numbers.

Special Meter

If you determine that you have a standard electric rate, either fixed or variable, you will need a new meter to get this tariff. As previously mentioned, the meter must have two separate lines to take the different readings. This is the only way that your energy provider can measure your night and day rates separate from each other. You may be charged by your energy provider to install the new meter, but it should be a one-time fee. Once you sign up for a new tariff your energy provider will automatically schedule the new meter installation for you.

Ending Service

You will also need to cancel your current service to sign up for a new Economy tariff. Never sever your current electric service until you have new service set up and confirmed. If you are currently tied into a contract with another energy provider, it may not be worth it to cut the contract short if you will be assessed an early cancellation fee. The fee will negate your future savings, so it can be more worthwhile to just wait out your current contract and then switch once you can do so without penalty. If your current provider has the Economy rate, you can stay with the same company and have a smoother transition between tariff plans.

New Contract

When you sign up for an Economy tariff you might not have to sign a contract. Unless you want a fixed rate, you can usually begin service with no contractual obligation. If you try out this tariff and decide that it’s not right for you, you will be able to switch back to a different meter. Keep in mind, however, that you will have to pay for another meter change which will again cut into the savings that you earned on the special tariff. If you want to switch energy suppliers while you are on the special tariff you can often use the same meter with your new provider without paying any additional fees.

Signing up for an Economy 7 tariff is only slightly more difficult than switching to any other type of energy plan. Aside from needing a new meter to measure your energy, you can switch fairly seamlessly from one energy plan to this one. To make the most of the plan, take hot showers during the seven reduced hours, run your laundry very early in the morning, and turn off your lights during the day whenever possible. Make use of natural light as much as possible and stick to washing your hands with lukewarm water.