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Saving electricity

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Coldicote | 12:50 Sat 22nd Sep 2007 | Science
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I have Economy 7 electricity programmed to heat up a tank of water overnight. There is also an over-ride switch for heating at other times. Usually the water cools down by late afternoon or evening which means switching on and re-heating the whole tank.

My question is: Does Economy 7 really save electricity any more than leaving it switched on all the time? On the one hand it means re-heating a whole tank of water; on the other hand re-heating smaller amounts as it is used through the day and therefore shorter spells of using electricity.

Any thoughts about this please?
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it was considered some time back that it was cheaper to keep it on all the time, the other way of saving money is to have your thermostat on a level for bath water of washing up water to be used without having to add any cold water. if you tank has lagging around it add some more to keep the water hotter for longer maybe.
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Thanks loni. I was indeed thinking it might be cheaper to leave it switched on all the time, but hadn't found anyone to agree with me. Good point about the thermostat heat level.
Turning the thermostat down is fine if you are just considering reducing heat lost through the insulation while the hot water is just sitting in the tank. Consider what happens though when you want to take a bath. Because you will not be adding any cold water, you will require the entire contents of your hotwater tank to take your bath. If you live alone, there is no problem. If your partner enjoys cold baths, again, no problem, but if 2 or more people want a hot bath, they will either have to wait for the tank to reheat, or you will have to heat your water to a higher temperature so that you can get two or more baths out of it when mixing with cold water.
Rather than leaving your tank switched on all day why don't you just switch it on during the day 1/2 an hour before ready to use. It heats up surprisingly quickly. In addition you can have it switched on during the economy 7 period for cheapness.
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Thanks to all who replied. You've helped to get my thoughts straightened out about Economy 7

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