Electricity Tariffs Evaluation Using Smart Load Monitoring Devices for Residential Consumer

Abstract

In the current financial climate, focus on energy saving within the home has intensified by the desire to reduce costs. Fossil fuel savings, carbon emission reductions, as well as a permanent fall in electricity prices, are significant incentives for the residential consumers to look at different methods to reduce their energy consumption. Demand Response (DR) is an alternative method which provides an opportunity for consumers to reduce their energy consumption cost by deferring or shifting their electricity usage during peak periods. To this aim, this study evaluates the effectiveness of price-based DR techniques currently available in Western Australia based on the consumer cost of electricity and comfort level. The electricity tariffs are systematically examined, and proper cost analysis is performed using realistic load profiles of a typical household obtained by using smart load monitoring devices. A multi-scenario based approach is conducted to evaluate the electricity tariffs for the typical household. The analysis results show that the Smart Home (SM1) tariff would be the optimum choice for the typical consumer.