<![CDATA[The comparison of three modified electricity billing mechanisms (model I, model II, and model III) for low tension (LT-I) residential consumers of Maharashtra, India, is presented in this paper. Models I and II are presented in detail along with the results in the previous version of this paper in the year 2020 and year 2022. In continuation of this work, model III is presented in this paper in the year 2023. The main components of this mechanism are traditional billing, time-of-day billing, and an optional facility to use renewable energy by implementing net metering. The combination of these elements generates three distinct billing mechanisms. These have several advantages, like the profits of the existing mechanism, renewable integration, grid stability, demand management, cost saving, environmental benefits, and customer empowerment. The projected billing mechanism is developed and implemented in MATLAB software, and a real-time application is created. The comparison between these three mechanisms helps in giving the best mechanism with respect to residential consumers. Lastly, the philosophy for the future extension to this work is presented which is based on the concept of overseas billing mechanism i.e., seasonal time of day tariff of Sacramento Municipal Utility District and Arizona Public Service.]]>
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