Punishment can deter or suppress behaviour, but only under certain conditions. This is from laboratory studies of humans and animals. It has to be immediate, it has to be the right intensity, it has to be predictable, and it has to be done with the right kind of person. Look at our criminal justice system: is the punishment immediate? Is it predictable? Do you know that you're going to get this kind of punishment?
What's the right kind of person it works for? It works really well for people who think in the future, who have little history of being punished, and who think things through. Is this your typical offender? Offenders tend to be concrete thinkers who think in the here and now. They have a long history of punishment. They were raised in families in which most of them were physically abused. Some were sexually abused. Then we sit back and think, “All right, now we're going to give them a bracelet”. Are they suddenly going to be afraid? We've thrown everything at these people, and it hasn't deterred them from a life of crime.
I'd strongly encourage you not to expect deterrence to have a great impact on the behaviour of your moderate- to high-risk offender. You need to put your hope and your money into rehabilitation programs.