A new start up that could drastically reduce your power bill will soon be available in homes. 

Designed to replace the current switchboards, Basis Smart Panels aim to provide Kiwis with greater control over their electricity consumption. 

With over 7,500 orders already contracted, the company plans to install 50,000 panels in the next 24 months. 

Co-Founder Danny Purcell told Mike Hosking the panel provides full visibility as to how electricity is consumed in your house, which customers can use save money and make their homes safer. 

He says the panel pays for itself fairly quickly, and they expect the payback period to be around 15-18 months for the average customer.  

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