For some households this may be an effective way to decrease energy bills. To take advantage of reduced tariffs or prices you want to gain access to off-peak hot water or time-of-use-pricing.
Having an off-peak storage hot water system your water is heated throughout the more affordable, off-peak period of the day and kept for use when you want it. It is only available with a few electric hot water systems and via some suppliers so that you’ll want to consult your energy retailer to find out if you can get this option. Using off-peak hot water does not lower your hot water usage so it will not reduce greenhouse gas emissions. If you wish to save money on electricity, speak to our leading energy providers iSelect.
If you’re contemplating upgrading your hot water system that our hot water information can help you pick the very best system to help save you money and energy.
There’s increasing choice in the way you buy electricity, and how this can be calculated. It is in your interest to be on the contract that provides you with the lowest bill. This is going to be the one which best matches your general use and time-of-use pattern. You should check your invoices every so often to confirm that you’re still on the best deal for you.
Based on where you live, there are a lot of tariffs available that may help you save if you can lower your energy use at peak times. Time-of-use pricing agreements (also called demand-based tariffs) imply that the price of your energy varies depending on what time of day you use it. Time-of-use tariffs are often divided into two or three phases –summit, shoulder and off-peak. The precise time intervals these cover are decided by individual energy retailers, so you’ll have to check the particular times when you register.
Prior to making a decision to move to another billing arrangement, you want to look carefully in your household’s timetables and energy usage to find out whether time-of-use pricing will do the job for you. To access time-of-use pricing you will also have to get a period or ‘smart’ meter installed.
These new digital meters measure your energy usage in half hour intervals. With traditional meters you can not tell how much energy you’re using until your invoice arrives, but smart meters could be connected to a range of monitors and displays which produce your energy usage patterns more visible. This information can help inform your household’s customs and help you use energy in cheaper times of the day. Get in touch with your energy retailer to find out if you’re able to access this option.