If you're mainly using your electricity during off-peak and shoulder periods—or are willing to shift your usage to these times—having a 'smart' or interval meter installed may be cost effective.

An interval meter measures your power use in 30-minute intervals and allows your distributor to charge different rates rather than one flat rate. Unlike the older mechanical meters, interval meters communicate meter readings directly to electricity distributors which means you don't need someone to come and read your meter, saving money on connection and disconnection fees. Some models also allow two-way communications between households and energy distributors in real time.  A web portal or in-home display connected to certain types of smart meters will allow your household to get a more detailed picture of energy use which can help you alter household preferences to save energy and money.

If you have a smart meter installed and decide to take up time-of-use pricing the more you shift away from peak power the more you save. For example, by turning your dishwasher on before going to bed rather than after dinner or by using your clothes dryer only on weekends. There are further savings to be made if you have appliances that use a lot of power, such as pool pumps or air conditioners. It can also work well with in-slab electric heating (check your operating manual or with the manufacturer to ensure compatibility with their products).

In considering time-of-use pricing, you need to look at your household preferences very carefully. It's possible that if you switch to off-peak but then find you're using more electricity during peak times, you'll end up paying more. For example, if you're a busy family with young children who all need to be fed, bathed and in bed by a set time each evening, you'll have no choice but to use energy in the peak evening period. If you're interested in off-peak hot water or smart metering, contact your energy retailer first to see if it's possible and to find out what you need to do.

If time-of-use pricing isn't the right fit for your household, or you're not able to sign up for it, there are plenty of other ideas on Your Energy Savings you can take to reduce your energy bills. As these actions involve decreasing your energy use overall, they also save your hip pocket.