We’ve all heard the expression that time is the greatest thief of all but what if it wasn’t? What if you could make time work for you? Because we’re clever here at Reposit, we’ve found a way to get time on your side.
Most of us have signed up to a ‘flat rate’ electricity tariff with our power companies, as they’re usually the most economical choice. But for homeowners with a solar battery system and a Reposit box, switching to a Time-of-Use (TOU) retail plan could unlock more value for you.
So, what is a TOU tariff and how does it work?
A tariff is the pricing structure used by your electricity retailer to calculate your electricity bill. There are a variety of tariffs, the most common being;
- Single flat rate where the retailer applies the same rate at all times. Rain, hail or shine, you pay the same amount.
- A flexible or time-of-use tariff where the price varies depending on the time of day;
- A multi-flat or block tariff which may include stepped pricing which decreases the more electricity you use - eeep!
- A feed-in tariff for customers with solar panels. This is where you receive a small credit for each kWh of electricity your solar system exports to the electricity grid.
So, how do you work out if switching to a TOU plan will give you the best value? Well, for starters, a typical TOU plan looks like this:
Because Reposit knows what electricity plan you’re on, it will store power in your battery for 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.
Think of it as buying food when it’s on special, and storing it in the freezer for when you need it later.
Want a cherry on top? If you’re on an eligible plan, you could also earn GridCredits®. As we’ve already mentioned, there are times when the grid faces more demand for electricity than it can handle. If you select a GridCredits® plan, you can nominate to participate in events where there is a need to push more energy into the grid. If you nominate to participate, you can earn up to a $1 per kWt.
Still not sure if switching to a TOU tariff is right for you? Why not have a chat with one of our awesome consultants who can review a bill for you. Just like a professional code breaker, they will help you unlock the potential value of your solar set up.