There are three main circumstances in which you may need to top-up your Powerbank:
- Low Balance: If you use a lot of electricity during a high price event as you can if you have a smart meter, you may deplete your Powerbank below the minimum amount required to cover you from wholesale market conditions in the future.
- Low Contribution: If you underestimate your average daily usage when you join the Club.
- Low Balance + Low Contribution: Your average daily usage has been higher than you initially estimated, and if you use a lot of electricity during a high price event as you can if you have a smart meter, you may deplete your Powerbank below the minimum required to manage your exposure to wholesale market conditions.
An underestimated Powerbank is the most common top-up request because it's not easy accurately estimate your usage. Once you become a Powerclub Member, our Data Analyst Team will run frequent assessments on your energy consumption to ensure your Powerbank has adequate balance to control wholesale energy price fluctuations for you, particularly in summer.
Your average energy use is likely to fluctuate from month to month and season to season. Depending on where you live and the appliances you have in your home, you may find that your usage is more substantial in summer or winter. Over time, Powerclub will collate your data and refine your annual usage pattern to make sure your Powerbank correctly reflects your actual average consumption.
From day to day, your Powerbank will rise and fall, sometimes covering higher wholesale spot prices, and at other times, topping up when wholesale spot prices fall. As the Powerbank balance is always your money, and refundable if you decide to leave Powerclub, it's essential that you understand what might affect your balance and how to protect it from depleting.
Protecting your Powerbank
You can actively protect your Powerbank by downloading Powerwatch to your smart device. The app will send you an alert when wholesale energy spot prices are high and advise you of ways to reduce your energy usage at that time. By reducing your usage during a high price event, you will protect your Powerbank and avoid having to top up.
We also recommend that you set up your Powerclub Portal once you become a Member. Your Portal will track your energy usage against wholesale energy spot prices so you can choose the right time to use higher consuming appliances like your dryer and dishwasher or heating and cooling.
By learning to harness the wholesale market like this, you can save yourself hundreds of dollars a year!
If you don't respond to a high price event and your Powerbank balance is affected, Powerclub's Team will be in touch to recommend some actions you could take in the future, and help you top your account back up.
How is the top-up calculated?
Your Powerbank contribution is uniquely tailored to your household or business. If you use a lot of electricity, you will need a bigger Powerbank than if you're a low energy user. Your Powerbank is calculated at $40 for every 1,000 kWh of electricity you use a year, with a minimum opening balance of $100.
For example, if you use 5,000kWh per year, (that's about 13.7kWh per day), your Powerbank will be 5 x $40 = $200.
Why do you need to top up your Powerbank?
Wholesale spot prices rose higher than expected over winter, and will decrease again as we exit the cold. A significant price spike is generally caused by multiple circumstances happening at once, and while they are infrequent, it's essential that you and your Powerbank are ready. The average wholesale price is expected to decrease as the day warms and gets longer with solar kicking in but you need to ensure that your Powerbank is capable of handling your usage requirements.
What happens if you don't top-up your Powerbank?
As per Powerclub's Terms & Conditions, Members on a Powerbank Plan must contribute sufficient funds to their Powerbank to cover the price variability related to their usage. If you are unable or unwilling to pay a Contribution Notice, Powerclub may terminate your Energy Agreement with us and move you to another energy plan without wholesale benefits.
How to top up your account
If a top-up is required, Powerclub will notify you, and send you an invoice for the amount needed to bring your Powerbank balance back up to reflect your consumption. Your top-up will be direct debited from your preferred account, five business days after you receive your bill.