Most of us have signed up to a ‘flat rate’ electricity tariff with our power companies, as they’re usually more economical than a time-of-use (TOU) tariff. For homeowners with a solar battery system, switching to a TOU with Reposit will provide you with the best value. But, what is a TOU tariff and how does it work?
What are electricity tariffs
Tariff is the pricing structure used by your electricity company to calculate your electricity bill. There are a variety of different tariff types such as single rate, block rate, off-peak, TOU and feed-in-tariff.
Tariffs are the pricing structure your energy company charges for providing energy.
Some of the most common tariffs you might encounter include:
- Single flat rate (same rate at all times)
- Multi-flat or block tariff (may include stepped pricing that decreases the more power you use)
- Flexible or time-of-use (TOU) tariff (prices vary based on different times of the day/night)
- A feed-in-tariff (FIT) is for customers with solar panels. They receive a small credit for each kWh of electricity their solar system exports to the electricity grid
Keep in mind that some tariffs won’t be available across all states or through every energy company. Your tariff will also depend of what type of meter you have. You can find an overview of what electricity tariffs might be available to you here.
Why TOU electricity plans will reduce your power bill
This is what a typical TOU plan looks like:
With Reposit you can capture this value. Reposit, will store the electricity generated from your solar panels in your battery for you to use at peak times and tell your battery to buy and store electricity in off-peak times.
It is similar to buying food when it’s on special and storing it in the freezer for when you need it later.
Reposit knows what electricity plan you’re on and will store power in your battery when electricity prices are lowest, ready for you to use when prices are high – minimising your need to buy electricity from the grid during these times.
Want more advice about how TOU plans can save you money? Get in touch with our expert solar and battery advisors.