According to the Australian Energy Regulator report, electricity consumption in the country ranged from 10.6 to 69.8 terawatt-hours, depending on the location.
Retailers offer different rates according to location, and thus it is important to be aware of the type of electricity meters and how they can be used for savings. If you are on the lookout for the best electricity rates in your area, you need to consider the type of metre you are using.
Choosing the best texas commercial electricity provider in Texas is crucial because it can directly impact your operational costs and overall profitability. Additionally, understanding how electricity meters affect your electricity bill is important as it allows you to make informed decisions on your energy usage and potentially optimize your consumption to lower expenses.
What Are the Different Electricity Tariffs Offered?
The four types of electricity tariffs offered are
- Time-of-use tariff
The time-of-use tariff offers different rates during the day. The three phases considered here are peak, off-peak and shoulder. The peak phase indicates the electricity demand is high, and thus you will be charged a higher tariff during peak hours.
On the other hand, off-peak hours indicate low demand periods, and thus you will be charged less during off-peak hours. The shoulder phase is the time between peak and off-peak hours.
- Flat rate tariff
Also known as single-rate or standard tariff, in this type, you will be charged a flat rate for the whole day. The time factor is irrelevant here; you will be paying the same rate for electricity during the day and night.
- Controlled load tariff
This tariff is applied to any appliance that requires a high level of energy. For example, if you are using a hot water system with a metre, a controlled load tariff will be applied by the retailer. The rate is usually lower than your general electricity rates.
- Demand tariff
The retailer might charge you a demand tariff depending on the high energy consumption for the period. Demand tariff is applied on top of your standard supply and usage charges.
How Does the Type of Electricity Metres Affect Your Electricity Bill?
The three types that can help you get the best electricity rates in your area are:
- Accumulation metre
- Smart metre
- Interval metre
If you have an accumulation metre, then the only plan you can sign up for is the one that offers a flat-rate tariff; the metre cannot help you save on costs as you are paying a standard price. But you can compare plans online to find the best supply and usage rates, depending on your household size for cost-saving options.
In the case of smart or interval metres, you can benefit from the time-of-use tariffs offered. For example, the typical peak hours are during the weekdays in the evening. Therefore, you can avoid using high energy appliances like washing machines during these hours. Instead, make the most of the off-peak hours during the day or weekend to do your laundry.
Before you decide on getting a new meter, ask yourself if it is worth the price or if you could do well with a different electricity plan from the retailer. Thus, you first need to spend time understanding your current electricity usage, tariffs, and charges applied. Finally, you can compare different plans online to get the best electricity rates in your area.