Economy 7 or single-rate Octopus: what should I compare?
By Matt · Published 18 October 2026
The short answer
An Economy 7 meter does not mean you must keep paying two electricity prices forever. If you use little electricity overnight, a single-rate quote is worth comparing. Check that the supplier can offer that tariff on your actual meter and keep any heating or hot-water controls working before you agree to switch.
Nor is Economy 7 only for homes with storage heaters. Octopus says it can suit other households using substantial electricity at night. The important question is when your home uses power, not whether the tariff name sounds old-fashioned.
A meter and a tariff are different things
Economy 7 usually means a cheaper night rate and a dearer day rate, with seven off-peak hours. A two-register meter records the two periods separately; a suitable smart meter can also support time-of-use billing.
A single-rate tariff charges the same unit price throughout the day. That pricing choice is separate from whether the contract is fixed or variable. You can compare a single-rate fix with a two-rate variable tariff, but remember that their prices may change in different ways.
Your current bill, meter screens and the tariff offered for your address all matter. Do not assume that being billed at one price already means every prospective supplier will offer a single-rate deal for the same supply.
Compare the whole year, not just the cheap night price
Find your annual day and night electricity consumption in kWh. If you have recently moved or changed your heating, use the best available evidence and account for winter demand rather than treating a low summer bill as a full-year forecast.
For the Economy 7 quote, calculate the cost of your day kWh at its day rate and your night kWh at its night rate, then add the annual standing charge. For the single-rate quote, price all the electricity at its single unit rate and add its standing charge. Use the same annual consumption and include any relevant exit fee or contract cost.
Compare prices for your own postcode, payment method and meter arrangement. A national price-cap illustration or someone else's cheap night rate is not your quote. Ofgem's current guidance explains the distinction between single-rate and multi-rate pricing and why regional and payment-method prices differ.
There is no night-use percentage that guarantees Economy 7 wins on every offer. A cheap overnight rate can be outweighed by the daytime rate or standing charge; a high night-use share can also make a two-rate deal worthwhile. Use the two actual quotes rather than treating a rule of thumb as a savings promise.
What if I no longer have storage heaters?
Changing the heating can change which tariff fits. If most electricity now runs during the day, a single-rate offer may make more sense. If you still use substantial power overnight, Economy 7 may remain worth comparing even without storage heaters.
Do not change heating equipment just to qualify for a tariff. If you still have a separately controlled immersion heater or heating circuit, ask the supplier how a tariff or meter change would affect it. Do not alter meter wiring or controls yourself.
Snug is a different decision. It is designed for compatible traditional storage heaters and requires the specific smart-meter auxiliary-control setup Octopus checks. Our Snug storage-heater guide explains that route; it is not a general single-rate alternative for a home without those heaters.
Ask these questions before accepting a switch
Send Octopus or the prospective supplier your current tariff details, meter type and clear meter photographs if the setup is uncertain. Ask:
- Can you supply this address on the particular single-rate or Economy 7 quote I am comparing?
- Does my current meter support that tariff, or is a meter/configuration change needed?
- Will any separately controlled heating or hot water continue working as intended?
- Which readings should I submit, and how will each register be billed?
- If the quote or signup journey identifies the meter differently from my bill, what needs checking before the switch?
Octopus's Economy 7 help says incorrect industry information can explain a request for two readings when a meter only has one. Let the supplier investigate a mismatch rather than guessing which reading to enter or choosing an inaccurate meter type to get through signup. There is no universal completion time for resolving every configuration problem.
Citizens Advice recommends checking that the new tariff works with your meter; see its switching guidance for England, Scotland or Wales. If an online quote is rejected or offers the wrong arrangement, contact the supplier to establish what it can actually offer. A tempting price is not a confirmed compatible tariff.
Keep the handover separate from the tariff choice
Once the chosen tariff and meter setup are confirmed, keep photographs of the relevant readings and check the old supplier's closing readings against the new supplier's opening ones. Our Economy 7 and RTS handover guide covers that evidence in more detail.
If your meter controls heating or hot water and needs replacement, resolve that with the supplier rather than assuming a new tariff fixes the hardware problem.
Where to go next
Ask for a current postcode quote and compare it with staying on your present tariff or changing tariff with your existing supplier. If Octopus still suits the home after the cost and meter checks, the referral page explains the direct-signup step using our referral link. The referral should follow the tariff decision, not replace it.