If you have an all-electric home, have a wifi router, and are not getting billed on the averaging system, Gulf Power will send a contractor to your home and install all the equipment needed to run your thermostat and your water heater, and your pool pump if you have a pool... free of charge.
The obvious benefits to you is that you can manage your power usage more carefully. The incentive to the power company is two-fold... they boast that they're helping customers... and the system pricing discourages heavy usage during peak times, helping to keep their costs down. They have to pay more for electricity generation during those times as less efficient and more costly generating units must be brought online to satisfy demand.
When we are away from home, we run the water heater only during the cheapest period of the day (usually the early morning hours). It keeps the water in the water heater from getting stagnant and it keeps it warm. Sometimes we forget to turn the hot water heater back on when we are headed down to P'cola. Surprisingly, there is still a decent amount of hot water in the evening hours. If we were on an austerity budget, we could get by with just running the water heater at the cheapest time of the day.
The system hasn't performed flawlessly, however. A couple of times we have had it balk on logging in, and although you can operate the thermostat manually, it is like programming a fancy watch where a few buttons do a lot of different things based upon the menu you have called up. I have never learned how to change the thermostat settings manually. The web interface is handy and informative and it shows you detailed power consumption on a graph if you're into pinching pennies.