What is a smart meter?
Smart energy meters provide a digital way for energy consumers to measure gas and electricity readings, which are sent directly to energy providers. They serve as a replacement for your existing gas and electric meters.
The difference between a traditional meter and a smart meter is that the latter sends the data they collect to your energy supplier remotely, which means you don’t need to take manual meter readings.
The benefits
– Because a meter takes accurate readings, this means that your energy bills will also be more accurate.
– You will not need to take manual energy readings.
– Having accurate data on energy consumption on hand allows you to take control of your energy use and improve your energy efficiency and strategic energy management.
– With the meter’s display feature, you will have access to real-time updates and will be aware of how much power you are using and when you are using it.
Did you know Carbon Trust estimates that the average business wastes 20% of the energy it buys.
Metering in homes and businesses leads to a better overall market, providing consumers with the knowledge to switch providers and find the energy contract that best suits their individual needs. In addition, energy providers will have more accurate data on the energy ecosystem as a whole, allowing them to better meet energy supply and demand.
Why wouldn’t a company want to install a meter?
Some companies may have some reservations about the implementation of the meter, but many of these doubts can be easily dispelled.
– Smart meters can be hacked: Your new meter must meet strict government security standards, but, as with any technology, it is important to remain vigilant.
– It will cost more money – although you may see a slight increase in your energy bills to offset the rollout of this new technology, there are no up-front costs for installing smart meters.
– Meter installation will cause downtime: Power providers will generally install meters during business hours, but some are willing to be flexible. The downtime associated with installing smart meters is typically around 20 minutes.
– Supplier change: once a power company has installed a meter, you can still change supplier at a later stage if you wish. The smart meters deployed are ‘interoperable’, which means that all vendors will be able to support them.
– Operate from a rented location: simply contact your landlord to inquire about installing a meter.
Is it mandatory to purchase a smart meter?
New government requirements have tasked energy companies with installing meters in business premises and domestic homes by 2019, but this is only if the home or business wants a meter. The government requires energy providers to offer smart meters to all small businesses and households, but having a meter is not a legal requirement.
How to install a new meter in 3 easy steps:
1. Ask your energy supplier or energy agent about what is offered.
2. Once you or your broker have decided on the right solution, you can arrange a suitable date and time with your energy supplier to install the meter.
3. Start taking control of your energy bills!