Guide to understanding Economy 7

 

Finding cost-effective solutions is what almost every household is looking for these days. The tariffs for electricity, gas or running water are only increasing year by year, so people are searching for ways to decrease spending for them. One of the outstanding ways of paying for utilities less is to utilize the Economy 7 system and take the most out of it. This article explains more about the Economy 7 concept itself, tells more about its benefits and explains how it helps to save money.

 

What is Economy 7?

As a rule, a typical house or apartment has a standard electrical meter that calculates the total amount of energy consumed. Depending on the total amount of kW, the electricity bills have the corresponding meter indicators and amounts to pay. The price for each kW of energy is the same regardless of the time of the day, week, or year.

 

When it comes to Economy 7, there are many differences related to most aspects of energy consumption. First of all, Economy 7 meter is different from the standard one as it has two sections: one for calculating the energy consumed during the daytime and another one for the night hours.

 

The Economy 7 system is also different from the general one as it has different tariffs throughout the day. In most cases, the energy consumption during the night is much cheaper than that of peak hours.

 

Those who want to make their households more energy-efficient should consider relying on Economy 7. This system not only helps to decrease the payments for the electricity bills but also makes the overall grid exploitation more effective.

 

How does Economy 7 work?

As was mentioned above, Economy 7 utilizes a different type of meter for electrical energy measurement. It shows the numbers for the daytime energy consumption and that for the night hours.

 

The name Economy 7 itself is not random because it is associated with the mode this system works in. Number 7 stands for the number of night hours when the electricity is cheaper. During the rest of the day, the tariffs for electricity are normal when comparing them to standard prices within the standard system but significantly higher compared to that of the nighttime.

 

Depending on the supplier, the times of low rates for electrical energy would vary. Most commonly, those 7 hours are from midnight until 7 am in the morning. However, some suppliers may define this interval as 00:30-04:30 or 01:00-05:00 so that there are fewer hours with night tariffs. Thus, you should always clarify with your energy supplier the hours for Economy 7 and the prices for electricity during that time.

 

As the tariffs for electrical energy vary throughout the twenty-four hours period, you might consider how to maximise Economy 7 with this system. It is possible to accumulate energy during the low-cost hours and use it later during peak times.

Is Economy 7 cost-effective?

The implementation of Economy 7 meter might be beneficial for those who take most of the electrical energy from the grid during the night. Economy 7 might be particularly beneficial for the owners of hybrid or electric vehicles. Charging such cars at night would be definitely cost-effective as the tariffs for electricity are much lower during that time.

 

In case you do not have an electric car, you may also greatly benefit from the Economy 7 system. For instance, doing laundry, utilizing your breadmaker, and using other household appliances would make sense at night.

 

To take most of the Economy 7, however, you should define the peak hours at which you use electrical energy. Calculate how many kW are consumed during those times so that you would be able to define the peak hours. Depending on those calculations, you will know exactly how much electrical energy is needed. Thus, you would be able to select the battery storage system for Economy 7 that suits your needs best.

 

How to maximise Economy 7?

To maximise Economy 7 as most, knowing precisely or at least approximately the amount of energy needed for your household during peak hours is important. This factor would ensure that you take the battery storage that corresponds to your needs.

 

The implementation of the battery storage could help you to maximise Economy 7. It would also ensure that your electricity bills get lower numbers and your overall spending for utilities decrease.

 

To better understand how to maximise Economy 7, you should also calculate the amount of energy to be stored. Subsequently, you would be able to define the needed capacity and charge rate of the battery storage.

How to choose the battery storage system for Economy 7?

There are various types of battery storage systems that could be used for the household as well as for industrial objects. Depending on your average energy consumption rates and preferences, you could choose the battery storage you like.

 

In general, there are several characteristics that make battery storage systems different. Those are primarily charge/discharge rate, maximum capacity, depth of charge, and UPS function. The most popular battery storage providers are Alpha, Fox, Givenergy, Solis, and Pylontech.

 

To select the most suitable battery storage for your home, you should define the energy consumption during peak hours as was mentioned above. This would help you to take most of the battery storage and decrease numbers in the electricity bills.

 

For example, if your household requires 9 kW during the peak hour for running all the appliances, you should select the battery storage with the discharge rate of at least 9kW as well. Otherwise, you will need to still use the electricity supplied from the grid in case the discharge rate is lower than required.

 

Another important factor to consider is the total amount of energy you would need to use from the storage battery system during the day. This is important for selecting the right battery with the needed maximum storage capacity so that it is utilized efficiently.