Does a new meter affect my electricity rates?
You should check with your electricity retailer about any tariff changes that will occur as a result of installing solar and carefully weigh up the advantages and disadvantages before making a decision. This should be considered before your install your solar PV panels. Some ways the electricity rates can affect you are given below:
- You may move from an off-peak tariff to a time-of-use (TOU) tariff. A TOU tariff is a pricing structure that changes depending on the time of day you consume power. In peak demand periods, usually from 3pm to 8pm during the week (but is can change from electricity retailer to retailer), charges will be higher than the electricity rate during lower demand periods (night or early part of the day. So while electricity is most expensive during the later part of the day, this will be offset by your solar PV system producing electricity during this time and making available to you.
- If you move from an off-peak tariff to a time-of-use (TOU) tariff, this will particularly affect your dedicated off-peak loads, such as hot water, space heating and air-conditioning. In some States like NSW you can insist to stay on the off –peak tariff for hot water for example. Make sure your experienced LG solar installer has a look at your electricity bill before you decide on any solar system solution, to make sure that solar will work for you and creates the financial benefits you expect.