Frequently asked questions
It depends on your load, and your existing tariffs.
The average household, who spends $1500 a year on energy, should be able to save around $150-200 by switching to the best tariff.
For small businesses, the relative savings will be similar, around 10-15%.
The days of working out the best tariff using a spreadsheet are now over. The number of providers has skyrocketed, and the complexity of tariffs have increased. You now have to consider demand charges, time-of-use rates, and controlled loads. Some tariffs even have high solar feed-in tariffs, to try and attract solar customers, but then also bump up the usage price. Working out if that’s a good deal overall is a hard task.
This is why we use smart meter data: the high resolution data allows us to create much more accurate models, and allows us to be confident in recommending the right plan.
Smart Tariff works for both households, and small businesses.
We charge a 25% commission on the savings that we generate. So we only get paid when you save. If you save less than our forecast, then our savings guarantee comes into effect, and you don’t pay anything for that switch.
We’ve chosen this business model because we believe that companies can only be as good as their incentives, and this gives us skin in the game.
A few ways:
- We automate the switching process
- We use real smart meter data and proper data science and machine learning to accurately work out what is the best plan for you. Comparison websites often just use your postcode and number of occupants, or if you are lucky, the total amount of energy you consumed each quarter.
- Because of our greater accuracy, we can do seasonal switching, handle demand charges, and even compare wholesale prices.
- Our savings guarantee makes smart-tariff a no-brainer
- Our business model is more transparent and fairer
- Out focus is on technology, Smart Tariff is only the start.
And lucky it does, solar tariffs are poised to become more complex as more renewables come onto the grid.
You don’t need a smart meter, but without, it is much harder to predict what your bill will be, and many of the best energy plans are not available to you.
If you don’t have a smart meter, you will not have the high-resolution historical data that we require. You can have your energy retailer install a smart meter, but you will need to wait some time to collect data.
If you urgently need to reduce your energy bill, contact us and we will see what we can do.
Many retailers have an online portal where you can download your ‘interval data’. In other cases, you will need to fill out a data request form for us, and we can request it. In any case, we will guide you through the process.
Smart Tariff takes into account the cost of switching retail plans. If the cost of exiting your existing deal is too high, Smart Tariff will recommend you stay on that plan, and we won’t charge you.
We will not share your data with other third parties, and will not use for purposes other than saving you money on your energy bill.
Our algorithms use your smart meter data to predict how much you will save by switching energy plans. If we switch you to a new plan, and you don’t save within the range that we expected, then you will not have to pay for the subscription for that time period.
The saving guarantee only works while your behaviour is similar, and while market conditions are similar. We can identify some changes and account for them, but please let us know if you make any significant changes to the way you use energy, so we can update our prediction. This includes any new energy-hungry devices, new family members, building extensions etc.
The Founding Team
Grew up on a boat, where he got his passion for renewable energy. Studied physics in order to work on fusion, but soon switched to researching solar cell design. During this research he came to the conclusion that it was crazy to spend all this effort for one more percent efficiency, while ignoring the fact that solar would eventually push the midday price of electricity close to zero. Something had to change.
Raised in Tehran, She studied chemical engineering, before moving to Australia, Realised she can’t change the world as only an engineer, So she completed her MBA in Canberra, and become an entrepreneur. She was a key factor in turning a fledgling InnovationACT team into a growing startup.