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What are the differences between these electricity tariffs: flat rate, Time of Use (ToU) and spot price?

Flat rate tariff

A flat rate tariff provides you with the same cost for your electricity throughout the entire day (e.g. 24 cents/kWh). 

Time of Use tariff 

A time of use tariff charges different rates depending on what day of the week or time of the day it is. Time of use tariffs are structured with periods of high prices (peak), medium prices (shoulder) and low prices (off peak). If you have Intelligent Control for your home battery, this is the type of tariff you should consider. 

As an example: 

  • 7am–3pm (shoulder) – you may pay 28 cents/kWh 
  • 3pm–8pm (peak) – you may pay 45 cents/kWh 
  • 8pm–10pm (shoulder) – you may pay 28 cents/kWh 
  • 10pm–7am (off peak) – you may pay 18 cents/kWh 

Spot price tariff 

Spot pricing refers to the (fluctuating) wholesale price of electricity on the grid at any given moment. The cost of the electricity you consume will vary throughout the day depending on the amount of renewable energy being fed into the grid and the total demand (power requirement) needed to power homes in your state/territory. 

This type of pricing presents a new range of exciting opportunities for your battery to generate savings by trading your energy against fluctuating wholesale prices.