The 2023 Changes to Economy 7 Energy Tariffs in the UK
In 2023, the United Kingdom will see the introduction of major changes to Economy 7 energy tariffs. These changes will have an impact on customers across the country, bringing a number of benefits, but also some potential drawbacks. In this article, we will take a look at the new tariffs, discuss the alternatives available, and explore how electric radiators can help to keep energy costs down.
What Are Economy 7 Energy Tariffs?
Economy 7 tariffs are designed to provide customers with lower energy costs for a 7 hour period usually during the night, when energy demand is lower. It is a two-part or ‘dual rate’ tariff system; customers pay a lower rate for energy used between 12am and 7am, and a higher rate for energy used between 7am and 11:59pm. The 7 off peak hours may vary depending on your location and who your energy supplier is. This means that customers can benefit from lower energy costs during their off peak hours.
What Changes to Economy 7 Energy Tariffs are Coming in 2023?
The 2023 changes to Economy 7 energy tariffs will see the introduction of a three-part tariff system. The new tariffs will provide customers with even lower rates for energy used between 12am and 5am, and a higher rate for energy used between 5am and 11:59pm. This means that customers can benefit from even lower energy costs during the night, while still having access to energy during their waking hours.
The changes will also see certain restrictions placed on Economy 7 customers. For example, customers will no longer be eligible for certain grants or discounts, and there will be a limit on the amount of energy that can be purchased during the night time period.
Alternatives to Economy 7 Energy Tariffs
For customers who are not eligible for Economy 7 energy tariffs, there are a number of alternatives available. These include fixed price tariffs, which provide customers with a fixed energy rate for a set period of time; and variable price tariffs, which allow customers to take advantage of fluctuating energy prices.
Other alternatives include green energy tariffs, which provide customers with energy sourced from renewable sources such as wind, solar and hydroelectricity, and collective switching schemes, which allow customers to benefit from discounted energy prices.
Electric Radiators to Combat the Changes
For customers who rely on Economy 7 energy tariffs, the introduction of the new tariffs in 2023 may pose a challenge. To keep energy costs down, customers may need to find new ways of using energy more efficiently. High heat retention smart storage heaters are an ideal solution, as they can help to reduce energy usage. They are able to store the heat more efficiently thanks to high levels of insulation inside the heater, which locks the heat in. You are in control of the stored heat. You choose when you want the heat to be released and at what temperature thanks to a smart thermostat and timer. Also, battery storage can be used with an E7 tariff. Your battery can be charging during the cheap rates.
Electric radiators provide targeted heating, allowing customers to heat only the rooms that are in use. This means that customers can save energy by not having to heat the entire house. Furthermore, electric radiators are more efficient than traditional heating systems, as they convert the majority of their energy into heat, rather than wasting energy.
Electric radiators are also easy to install and maintain, making them a cost-effective solution for customers who are looking to reduce their energy usage.
In conclusion, the 2023 changes to Economy 7 energy tariffs are set to bring a number of benefits to customers. However, customers may need to find new ways of using energy more efficiently in order to keep their energy costs down. High heat retention smart storage heaters and electric radiators are an ideal solution, as they can help to reduce energy usage and provide targeted heating. Talk to the experts and we will advise on the best option for your circumstance