Your Guide to Multi-Rate Meters

If you use energy during off-peak hours, you could save money by switching to a multi-rate tariff. By offering cheaper electricity at night, a multi-rate tariff can help you manage your energy costs.

Here, you can find out how a multi-rate tariff works or, if you’re ready to compare, check out the latest multi-rate tariff prices with our quick comparison service.

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What is a Multi-Rate Meter?

A multi-rate meter offers two or more electricity rates depending on the time of day. For example, off-peak hours (typically during the night and sometimes weekends) offer much cheaper rates than peak hours.

The two most popular tariffs available for multi-rate meters are known as Economy 7 and Economy 10.

What are Economy 7 Meters?

An Economy 7 meter offers customers two rates on their electricity at set times of the day. Generally, electricity prices are higher during the day and cheaper during the night than single rate tariffs.

Economy 7 has seven hours of cheaper electricity during the night-time, usually from midnight to 7 AM.

What is a Three Rate Meter?

Three rate meters are mainly used by businesses. As the name suggests, they offer three different rates for your energy. Business energy rates are usually split into evening, night time, and weekends.

Three rate tariffs are popular with bars, nightclubs, and takeaways that use most of their energy at night or over the weekend.

What are Economy 10 Meters?

Economy 10 also has seven hours of cheaper electricity during the night-time but in addition, it offers three hours of cheaper electricity during the afternoon.

Economy meters have two sets of dials or displays, one for the seven or ten hours and the other for the remaining hours. Economy 7 and 10 meters are only available for electricity and are not offered for home gas tariffs.

Do I Need a Multi-Rate Meter?

This largely depends on how you use energy. Most UK households prefer to just have a smart meter with a basic selection of energy tariffs. However, if you’re a bit of a night owl or use most of your energy in off-peak hours, you could see significant savings on your home energy bills.

For businesses, it is important to understand how much energy you’re using and what your peak operation times are. Multi-rate meters are great for businesses operating mainly during the night, evenings and weekends.

How do I Switch to a Multi-Rate Meter?

If you’ve decided you want to switch to a multi-rate tariff, the process is similar to any other energy switch. You can get started by comparing the latest energy prices online with Power Compare.

When you compare energy prices, it’s important to consider the full cost of your tariff. When you switch with us, we will provide an estimated annual bill for your tariff type based on your current usage.

Once you’ve selected your chosen tariff, we’ll take care of the rest of your switch on your behalf. This includes dealing with energy suppliers to get you switched over to your new tariff.

If you don’t already have a multi-rate meter, your new supplier will need to install a new meter before your switch is completed. Many suppliers will offer your meter free of charge when you take out a contract with them, however you can check this before you complete your switch.

With Power Compare, finding the best Economy 7 or Economy 10 tariff is simple. Our quick comparison engine allows you to compare the latest tariff from a panel of trusted suppliers in seconds.

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