The National Electricity Market (NEM) has three types of meters for residential and small business customers: Basic, Interval and Smart. The different types of meters are governed by AEMO (Australian Energy Market Operator) as outlined in Chapter 7 of the NER (National Electricity Rules).
- Basic electricity meter: The majority of residential and small business electricity consumers in Australia have their electricity use measured by Basic Accumulation meters that have limited functionality. This results in them having limited information from which to make informed decisions about their electricity usage and costs.
There are two types of Basic meters – accumulation meters that measure only the total amount of electricity consumed over a period and are manually read by a meter reader, or Time of Use (ToU) meters that record total usage within set periods. These can be aligned to a Time of Use tariff to enable you to pay lower rates for your off-peak electricity usage.
- Interval Time of Use (ToU) meter: These meters record how much electricity is used every 30 minutes. This means you can have different electricity rates for usage at different times of the day, depending on the tariff you sign up to with your electricity retailer. Some of the benefits of interval meters include more detailed information on your energy use and the opportunity for pricing plans that provide incentives to reduce your demand for electricity during peak times. You can make some significant savings by choosing a plan with discounts for off-peak energy usage.
- Smart Meters, also known as Advanced Meters (AMI): Smart meters record customer usage and demand in real time and are remotely read in 30 minute intervals. Smart Meters can be linked to in-home devices so that you can make informed decisions about your electricity consumption.
If you live in Victoria, you should by now have a smart meter as they are compulsory across the state and the roll-out is coming to an end.
Because Smart meters record your electricity usage throughout the day, you can benefit from off-peak rates, so make sure you choose a retailer with a suitable plan. Off-peak rates can be substantially lower than on-peak rates, so your Smart Meter will let you see when you use the most electricity, so you can switch your usage habits to make use of the cheaper rates. This might include running your washing machine and dishwasher overnight or setting a timer on your cooling system.
If you’re not sure which type of meter you have, you can take a look at your electricity bill or give Utility Hub a call.