Time of use meters

Off-peak hot water, smart meters and time-of-use pricing:

Most households use hot water and appliances before and after work which creates high energy demand during certain periods of the morning and evening. If you can shift your electricity use to other times of the day, many energy retailers offer cheaper rates that can save you money.  For some households, taking advantage of time-of-use pricing by using energy outside peak times may be an effective way to reduce energy costs. Time-of-use pricing means you're charged at several different rates, depending on the time of day you use energy. Prices are usually divided between peak (2pm–8pm weekdays), shoulder (7am–2pm and 8pm–10pm on weekends) and off-peak (all other times) with off-peak being the least expensive. Using off-peak hot water and smart (or interval) metering are two ways to make use of the cheaper tariff which helps to keep costs down.