A time of use tariff charges different electricity rates at different times, usually with higher peak prices and cheaper off-peak periods. The times and rates vary by state, network and retailer, and you generally need a compatible smart meter. It may suit households that can shift usage, such as laundry, dishwashing or electric vehicle charging, into cheaper periods, but it could cost more if most of your electricity is used during peak times. Check your retailer’s fact sheet and compare plans using your usage data before switching.