Piggybank News

May 21, 2009

Could a Smart Meter save you money?

Filed under: Domestic Utilities — nspresources @ 12:11 pm
Tags: , , , ,

smart meterThe Government vowed last week to introduce Smart Meters to every home in the UK by 2020.  These meters are aimed at allowing both suppliers and customers to monitor gas and electricity usage more accurately.  The Energy Saving Trust believes that by allowing the consumer to take better control of their energy usage they could end up saving 10% on their energy bills each year.

So what exactly is a smart meter?

The smart meter is a replacement for your current energy meter. After the initial installation, your energy supplier maintains a constant link to your smart meter, allowing them to monitor your gas and electricity usage very accurately.

Not only does this eliminate the need to wait for someone to come and read your meter, but it will also spell the end of inaccurate billing. You don’t even need to take your own meter readings and submit them, as the process is fully automated.

Click here for a short animation explaining how these meters work

The Energy Savings Trust found that a third of people don’t find their energy bills easy to understand. The hope is that smart meters will allow for completely clear and accurate billing, cutting out the confusion associated with standard energy bills. It should also mean that consumers will no longer be surprised with bills that are far higher than the estimated bills they were paying; a problem which has so far affected over 11 million people in the UK.

Smart meters also offer consumers the ability to track energy usage over set periods of time, from as little as a day, up to a full year. Monitoring your usage should help you recognise where energy could be saved and your supplier can also use it to offer energy saving solutions specifically for your needs.

There are even plans to use these meters to enable customers who generate their own electricity to sell any excess back to the grid.

j0283695(Piggy says ” Making consumers aware of exactly how much energy they use and when they use it will give them the power to change their usage habits and see an immediate effect.  This can only have a positive impact from both an environmental and financial perspective.)

Click here to read a Times article on the plans

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