DAY & NIGHT Energy is similar to Economy 7 in the UK, sometimes referred to as a "White Meter"… In fact, it’s not just similar it's far superior!
Changing contracts from the Iberdrola's Basic Plan to Day & Night Energy is the number one way to save energy and lower your electricity bill in your Spanish home. It offers up to 50% off the standard rate for a unit of electricity for 14 hours per day.
The cheap rate period during winter time is from 10:00 pm (22:00) to 12:00 noon the following day. During summer time it moves one hour forward from 11:00 pm (23:00) to 1:00 pm (13:00). This is the best period for using your washing machine, iron, water heater, pool pump, etc., since the price of electricity is much cheaper. It’s also a good idea to consider night storage heaters for heating your home during the winter because they take full advantage of the cheap rate.
As a guide for what to expect with Day and Night Energy, using your appliances wisely should see 60 - 70% of your electricity consumed during the cheap rate. This can be checked on the electricity bill under the details of consumption and billing. A useful tool to help you calculate your electricity usage is a Home Energy Monitor.
The more appliances that you can revert to using during the cheap rate period, the more money you will save.
What Iberdrola don’t explain…
There are two types of Day & Night Energy contracts, the Home Plan and the Time of Day Rates (less than 10 kW). If you don’t stipulate which contract you require, you usually get signed up for the Home Plan. Why? Because an insurance policy is attached to the Home Plan, and someone wants their commission! Although there is a 10% discount scheme attached to the Home Plan, Bright Sparks choose the Time of Day Rates contract which overall works out to be the cheapest.