Smart meters have the potential to be a major boon for cost-conscious homeowners.
With smart meters currently a major topic of discussion amongst energy suppliers, the British Government and environmental groups, it is planned that every home in the country will have one of these devices by 2020.
As is so often the case, the smart meter is such an obvious idea that it makes you think ‘”Why didn’t we have this before?”.
Instead of having a gas and electricity meter silently tucked away in a cupboard or outside cabinet, a smart meter displays exactly how much energy is being used at any one time, and – more importantly – the cost of that electricity. As well as leading to financial savings, the meter should also allow consumers to cut their emissions.
Smart meters have been the subject of a consultation by the Department of Energy and Climate Change since the scheme was originally mooted back in October 2008.
Now calls are being made by the Energy Retail Association (ERA), Ofgem and environmental groups to speed up the deployment of the technology.
Smart advantages
Smart meters offer real-time information about gas and electricity usage in the home, and about the costs that are being incurred.
Every flick of a light switch, every item on standby and every time the kettle is boiled will be identifiable on the smart meter – making it easy to pinpoint wasted energy and see the potential savings that can come from switching items off completely, rather than reverting to standby mode.
Precisely how these meters will work within the home is still up for debate. Currently over 400 homes in London are trialling a system that displays usage on a wall-mounted screen. There are also wireless devices that can be used across the home.
The meters have also been extensively tested in the business environment, with experts claiming that the technology could help small to medium-sized organisations to reduce their energy usage.
Future developments could see smart meter technology built in to devices such as televisions, mobile phones or computers – basically any device with a screen.
Cost controversy
Perhaps surprisingly, the smart meter plan has gained approval across the board.
Consumer watchdogs see the benefit, energy companies are happy as they can reduce their administration and meter-reading costs while environmental groups are enthusiastic about how the technology could help reduce emissions.
There has, however, been some controversy, chiefly relating to the fact that to meet Government targets over 46 million smart meters will be required at an expected cost of £9 billion.
The question is who will foot this hefty bill. Currently, as is often the case, it appears that consumers will be left to pay.
Estimated costs vary. A recent survey by consumer body Which? estimates that it will cost homeowners £300 over the course of 20 years, as energy companies add the cost of installation on to household bills.
Whether the industry will cover some of the costs is not yet clear. Many believe they should as energy companies look set to enjoy significant multi-million savings as the meters update in real time, meaning that annual meter-readings will be a thing of the past.
It is also likely that through being able to compare gas and electricity usage, consumers will become savvier in their choice of supplier – rewarding the more competitively price companies.
Which? also found that smart meters would only create savings of £1.40 per annum, a huge discrepancy compared with figures provided by researchers at the University of Oxford, who suggested that households could save 15 per cent, an average of £130.
However, despite the inconsistencies in projected potential financial savings, the majority are backing smart meters to transform the energy market – both for consumers and for the energy giants.
You can save money if you compare gas prices using a price comparison site. Installing a smart meter can also help you become more energy efficient.
Thank you for reading, British Gas Energy Smart
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