The peak temps do seem to occur around 5pm, so its a challenge. AC is much less efficient when its 110 out than when its 80 out. I don't believe its so much losing the cooling through the walls and windows, although that is a factor, as it is the AC having a harder time dissipating its heat. When its hotter outside, the air from the AC is warmer coming into the house, and the ducts in the attic the air travels through is also warmer.
So running the AC from 12 to 2pm might make sense even though the rate is higher, because the AC will work better than at 5-7pm. But will that "cool" stay long enough to make a difference? I don't know.
Around here, even a properly sized AC will run constantly on stage 2 when its 118 out just to maintain inside temps at 80. That is almost a 40 degree temp differential so only the best ACs can do that. When you think about it, now it seems logical why June - August electric bills are so expensive. You need the AC the most, but its also running when its least efficient.
So savings comes down to a few factors:
1) Run your AC when its most efficient.
2) Run your AC when utility rates are the lowest.
3) Minimize running the AC when its least efficient.
4) Minimize running the AC when utility rates are the highest.
5) Use thermal mass to better achieve 1-4.
6) Use insulation to better achieve 1-4.
So up to about 100 degrees, pre-cooling and these steps work great and I require no AC during high peak times.
On 110 days I can run the AC up to 50% from 4pm - 7pm. Not ideal, but it generally works.
For 120, I will need more. So I need to make my AC more efficient. I plan is to run a garage type of evap. cooler next to the outside condenser. If I can drop the air temp 10 - 20 degrees, that would be a plus. My evap. probably isn't as big as I need for this job, but it could be a proof-of-concept.
I thought about spraying the condenser with water or mist, but I'm worried about mineral buildup which could hurt in the long-run.
For example check out this device:
http://www.coolnsave.com/
Looks like a good idea, BUT I don't want to turn my condenser into a big cake of minerals. With the evap, the minerals stay on the pad.
Dry AZ makes this ideal for this. Probably wouldn't work as good other places.