Economy 7

Economy 7 is a domestic multi-rate electricity tariff where electricity used during the tariff's off-peak period is charged at a lower unit rate and electricity used during peak hours is charged at a higher unit rate. It normally needs a meter, smart meter mode or meter register setup that records peak and off-peak electricity separately, and the actual off-peak times vary by supplier, location, meter type and clock convention. The term can matter for storage heaters, hot water, battery charging, EV charging and heat-pump running costs, but it is separate from export tariffs, SEG payments, DNO approval, battery operating modes, smart dynamic tariffs and whether the household's total bill will be lower.