An Economy 7 meter is a type of electricity meter that provides two different readings depending on the time of day. It is used in conjunction with an Economy 7 energy plan, which is designed to help consumers save money on energy use during off-peak hours. The off-peak period lasts for a total of seven hours, hence the name "Economy 7". During this time, electricity is priced lower than during peak hours. Households that use electricity for heating and hot water, rather than gas, are usually the ones that have an Economy 7 meter installed.

Economy 7 meters have two sets of numbers, one marked "low" (meaning "night") and one marked "normal" (meaning "day") . Alternatively, there may be one set of numbers marked "day rate" and a red button, which you press to get your night reading. An Economy 7 smart meter will usually show separate readings for peak and off-peak use on an in-home display.

If you are not sure whether you have an Economy 7 meter, you can check the meter itself for two sets of numbers or contact your energy supplier. If you are considering switching to an Economy 7 energy plan, you may need to have a new meter installed, which your energy supplier may charge you for.