Smart meter owners who are most engaged with their energy use can save up to 20 per cent on their annual bill by embracing a new energy system, according to new research published today.
The report from Delta-ee, the specialist energy research and consulting company, on behalf of Smart Energy GB, includes examples of the new services and technologies that are developing from the digitalisation of Great Britain’s energy grid and how these lead to potential annual savings of hundreds of pounds for households.
Innovations in technology have changed the way the nation engages with day-to-day life. Spotify has revolutionised the accessibility of music, and Netflix has single-handedly brought on-demand TV and cinema into the home. It’s now time to view smart meters in the same vein – they have the power to provide a platform for modernisation and new technologies that will transform energy use.
Think tariffs that reward customers for using energy at off-peak times, automatic switching services so households will always be on the best deal, and selling excess energy generated from the home. The possibilities for change that benefit the consumer, the grid and the country are ever-growing, but at their very core rely on the digitalisation of the energy grid through the smart metering system.
Delta-ee’s research demonstrates how the changing energy market can lead to potential annual savings of over £200. It also found that annual household savings could include up to:
• £90 from time-of-use tariffs (£130 for electric vehicle (EV) users) – enabled by customers buying energy when it is cheapest.
• £100 from peer-to-peer (P2P) energy trading. In the future, customers will be able to buy and sell energy they generate and store with other customers on virtual platforms.
• £300 from auto switching. Smart meter information will allow companies to automatically work out the best tariffs for individual customers, and then automatically switch them.
• £75 from smart pre-payment meter tariffs. Pre-payment customers will no longer lose out and have access to the benefits of most other customers.
The report assesses the current annual savings by smart meter equipped homes, as well as looking at examples of innovative companies in the UK and abroad who are starting to offer new services to customers which are aimed at providing customers with the outcome they need, rather than only providing energy. For example, heat as a service offerings ensure customers’ homes are heated to their required temperatures at a lower cost, without the customer having to worry about owning, maintaining, and replacing their own heating systems. Or auto switching services, where customers never need to worry about being on the cheapest tariff because smart meter data is being used to identify the best tariff for their specific needs.