Smart meters are starting to become more and more popular in the UK, but over half of the population is still in the dark over what they actually do. You’ve probably heard British Gas’ catchy jingle for their Hive smart meter, but there are many other alternatives to consider as well. Yet, according to a YouGov poll, 63% of Brits didn’t know what a smart meter was.
So let’s take a look as it’s something you should definitely know about, especially as the Government are planning for every home to be equipped with one by 2020. The £11bn scheme is aiming to cut carbon emissions by 34% whilst modernising the gas and electricity industries.
There are already 1.5 million smart meters installed in the UK, with some energy companies acting quickly. However, the main rollout is expected to begin in 2015.
What is a smart meter?
Smart meters will outright replace electricity and gas meters, putting an end to estimated bills or meter readings. They provide useful information to the homeowner about energy use and costs at any given time.
Of course there are a number of benefits that will come with this, such as being able to control expenses better. As you know how much energy your home is using, you can act to make suitable changes.
How much can you save?
Essentially, the greatest strength of smart meters is that you can save money on your energy bills. This comes at the right time too as energy prices are currently at their peak and customers are struggling to keep up with payments.
With the smart meters, British Gas discovered that 54% have saved money using a smart meter, with savings up to £75 a year noted. Of course, once you’ve had the smart meter in place for a while, you’ll likely to have changed any bad habits and won’t continue to save year-on-year.