A time of use tariff charges different electricity rates depending on when you use power, commonly dividing the day into peak, shoulder and off-peak periods. It may suit households that can shift usage, such as running the dishwasher, washing machine or pool pump outside peak times, but it could cost more if most of your consumption occurs during peak periods. You generally need a compatible smart meter, and the exact time bands and rates vary by retailer and location. Compare the offer’s estimated annual cost and usage assumptions with your current plan using your retailer or an official comparison service.