Is Economy 7 a Cheaper Option than a Standard/Flat Rate?

Switching energy tariff can feel like navigating your way through a minefield. Flat rate, economy 7, fixed rate, variable – there are so many options, with often little explanation as to what they all mean.

One of the most popular options historically is Economy 7. Economy 7 is a tariff designed to work alongside night storage heaters and immersion heaters, offering 7 hours of electricity overnight at a lower price per unit.

Many people still choose to opt for Economy 7, as the overnight rate is “cheaper,” but is Economy 7 a cheaper option than a standard rate?

Historically, the night rate would be around one-third the price of the day rate. The night rate is now around two-thirds the price of the day rate – a significant increase in a relatively short amount of time.

Economy 7 Explained

Based on pricing from the top 10 largest energy suppliers in the UK, the average night rate (the price you pay overnight, usually midnight to 7am) is 12p.

The average day rate on Economy 7 (the price you pay for the rest of the day) is around 19p.

Ofgem, the UK’s regulator for the energy industry, estimate that around 42% of energy for Economy 7 users is at night, with the remaining 58% used during the day.

An average of these two prices, gives you an effective single rate of 15p per unit.

Where more than one electricity meter is installed, you will also pay two standing rates, rather than just one with a standard/flat rate.

Although the energy company are offering you a cheaper night rate, they are making up for their “losses” with a more expensive day rate.

Based on independent tests, conducted by BRE (Building Research Establishment), the overall consumption for maintaining a property at 21 degrees was as follows:

BRE TEST RESULTS
Source: BRE Test Report

1 & 2 – Dynamic clay core, temperature controlled heaters, 3 – Dimplex Quantum, 4 – Traditional Night Storage Heating, 5 – Gas Central Heating

Pricing Comparisons

As you can see from the chart above, the energy consumed by 3 (Dimplex Quantum) and 4 (Traditional Night Storage), would cost (at 12p per unit):

3 (DQ): 44.46kWh x 0.12p = £5.33

4 (NSH): 46.43kWh x 0.12p = £5.57


Based on pricing from the top 10 largest energy suppliers in the UK, the average flat rate tariff is 17.5p.

Again, based on chart above, the energy consumed by 1 & 2 (dynamic clay core heating), would cost (at 17.5p per unit):

1 (Dynamic Electric Heating, such as Fischer): 30.37kWh x 0.175p = £5.31

2 (Dynamic Electric Heating, such as Fischer): 28.03kWh x 0.175p = £4.90


These figures prove that opting for a reduction in energy consumption will always pay, rather than simply opting for a cheaper electricity rate. Consuming more at a cheaper tariff is not cheap. Consuming less energy will always save money.

Our energy partner, Outfox the Market, offer competitive standard rate tariffs. It’s quick and easy to get a quote, in 30 seconds or less.

A much wiser choice is to invest in energy efficient, controllable heating and hot water systems, which delivers a far greater degree of comfort. We at Fischer offer dynamic clay core electric heaters and efficient electric hot water solutions.

Fischer Dynamic Clay Core Radiators

Fischer dynamic radiators are designed to be aesthetically pleasing, only 11cm in depth and available in a classic oyster white colour. Manufactured to include a purpose built convection chamber in the back, their sleek, modern design does not impact on their efficiency.

But, Fischer dynamic radiators are not only slimline, they also offer many other benefits.

Along with the fact they are designed to be aesthetically pleasing, they are also designed to be efficient and controllable for complete comfort and peace of mind. They have even had their efficiency tested and verified by EST, BRE and BSRIA.

Our dynamic radiators also contain a purpose built convection chamber and patented 40mm chamotte clay core. Our 40mm clay core is DOUBLE THE DEPTH of the core found within many of our competitors’ heaters, which is usually 20mm. More storage resulting in more heat and more comfort.

Wi-Fi control options are available, allowing you to control your heating from anywhere in the world, all with the push of a button.

Aquafficient

Aquafficient is a modern, efficient and reliable way to heat your water. Using a single 3kW heating element and patented thermal storage technology, the Aquafficient provides instant hot water, as and when you need it, without the need for huge amounts of water storage. No yearly maintenance is required, taking away the stress of finding a plumber to check over your system and also eliminating the cost of doing so.

There is also no requirement for any extra valves or fixings, or even a water discharge pipe, meaning the installation of the Aquafficient is stress free and mess free, even in smaller or more difficult to access areas of your home.

Manufactured specially for Fischer Future Heat, the Aquafficient uses a natural salt-based thermal storage material to store its heat. Working in a similar way to a combi boiler, minus the expensive maintenance and running costs, there is absolutely ZERO water storage within the unit itself. The chance of a leak is almost non-existent.

You simply heat the battery once to get started and hot water is available in less than an hour. The thermal storage material stores heat, not energy, and as cold water runs through the highly efficient and robust heat exchanger, it becomes hot within seconds and subsequent warm water is fed to your appliances in less than a minute.

Our Aquafficient can store four times more energy than a domestic water cylinder in a unit half the physical size.

Not only does the Aquafficient give you a much more efficient solution when it comes to heating the water, it also saves huge amounts of physical space.

An Aquafficient unit, which provides 150L of hot water, is only HALF the height of an average 150L cylinder. If you have ever wanted to utilise that wasted space in your airing cupboard, now is your opportunity with this ideal replacement for other hot water systems.

Compatible with Economy 7, Solar PV and other types of renewable electricity sources, the Aquafficient is the way forward when it comes to saving the environment and improving your carbon footprint.

Based on recent testing, the thermal storage material within the Aquafficient has a life span of over 40,000 cycles before you start to notice any drop in efficiency. In layman’s terms, it can last for over 50 years without you EVER having to service, maintain or replace the thermal store or its contents. Even after the 50 years are up, all it takes is a glass of water to be added to the storage material to recharge it back to full health.

Aquafficient Eco+

Aquafficient Eco+

We are now pleased to introduce a new addition to the ever-growing range – Aquafficient Eco+, our brand new air source water.

Air source water heaters can be two to three times more energy efficient than a conventional water cylinder.*

Thanks to the special design of the compressor, hot water is available at 60 degrees centigrade and with a power requirement of less than 10amps, Aquafficient Eco+ requires only a standard 13amp socket to install.

Aquafficient Eco+ also contains an automatic anti-legionella disinfection system to remove the risk of legionella bacteria.

Much like the Aquafficient, it can be installed alongside a heating only boiler, allowing you to both heat your home and water efficiently.

You can also use Aquafficient Eco+ as a stand-alone hot water system, or even combine it with Fischer dynamic clay core radiators. The opportunities are endless.

Built with a stainless steel casing, 80mm of highly efficient insulation and finished in white, Aquafficient Eco+ has a sleek, modern design perfect for any home.

Wall mounted and floor-standing options are available, and the unit can be installed in a loft where possible, ensuring you save valuable space within your home.