✅ How does a Smart Meter save money?
Smart Meters can save you money because they’re designed to send readings to your energy supplier, meaning you no longer get estimated bills and you pay accurately for the energy you use.
I'm Steph, mum of three! 👋
Here, I share practical insights on making (and saving!) money. With a knack for budgeting and a passion for financial freedom, I've picked up lots of tips & tricks along the way. And I can't wait to share them with you here!
There’s over 14 million smart meters installed in homes across the UK, but many of us are unclear about how smart meters are saving us money.
✅ What is a Smart Meter?
Smart Meters are newer modern versions of the analogue meters, the ones you read the numbers in and send to your supplier, or wait for the rep to come round and read the meter for you!
These Smart Meters have the ability to send your readings straight your supplier automatically. This eliminates the need for anyone to read it and means (in theory!) that as customers, we’ll get an accurate bill each month, or quarter, however you pay it.
✅ How much money does a smart meter save?
The government suggested in 2016 that Smart meters would save the average household in the UK £26 annually. This hasn’t been seen by many of the homes with Smart Meters installed.
The main way having one of these meters installed that’s going save you money is that every home fitted with one is offered a display box, showing the meter in real time, going up, as you’re using energy.
It’s an eye opener! You’ll see the numbers wizz up when you put the kettle on, and it’s interesting learning which of your appliances uses the most energy.
Hopefully, these display units will cause many of us to rethink the amount of appliances we’re using, and cut back. This is where the real money savings are going to happen.
If you make no changes to your energy usage, you’re not going to see any dramatic reductions in your bill either!
✅ Are there any disadvantages to smart meters?
While having a Smart Meter installed isn’t going to magically reduce your bill, it’s not going to make it go up either.
There have been reports of people switching energy suppliers (which you absolutely should do when you can get a better deal!) and their Smart Meters stop working.
Other than that, Smart Meters need an internet connection to work, so if you’re in a very remote area where the internet is poor, this could be a problem.