It’s no secret that estimated energy bills can cause you to end up paying more for your energy – and leave your wallet much lighter at the end of the month.
That’s why the Smart Meter Bill announced in the Queen’s Speech will help put you in control of your energy use, and know exactly what you’ll be paying!
What is the Smart Meter Bill?
The Smart Meter Bill is designed to help consumers better understand their energy consumption by bringing an end to estimated energy bills. The initiative was first announced in 2009 by the Department for Energy and Climate Change and smart meters have already been installed in 7 million homes. The Smart Meter Bill guarantees that smart meters will be offered to all UK homes and businesses by 2020.
What are Smart Meters and how do they work?
Smart meters are the next generation of gas and electricity meters. They come with an in-house display screen that will tell you exactly how much energy you’re using (in pounds and pence) in real time. The meter will send accurate readings automatically back to your energy supplier, which means that you’ll no longer have to a) manually send readings to your energy supplier and b) no longer receive estimated bills.
How will it save me money?
As a smart meter shows you real-time electricity and gas usage, you’ll be able to adapt your monthly energy usage to ensure you’re not using too much. If turning on the heating or air conditioning is causing your consumption to skyrocket, you’ll be able to see this is real time, rather than getting a shock when your bill comes at the end of the month. Unexpected high gas and electricity bills are one of the more common reasons why people turn to convenient online loans, but by keeping an eye on what appliances cause the pennies to rise you can ensure your bill fits within your budget. We’ve also compiled a list of tips for saving on your energy costs that can cut your bills further.
As energy usage is sent automatically to your energy supplier, you’ll no longer receive estimated bills. You’ll only pay for what you use. The government claims that the roll-out will provide the UK with annual savings of £300 million in 2020, rising to £1.2 billion by 2030.
How much do they cost?
Smart meters and their installation are completely free of charge!
How do I get one?
Most energy suppliers are currently offering installation of smart meters – you can find a list of suppliers and their contact details here. If your current energy supplier doesn’t currently offer smart meters, why not switch to one that does? You can also save money in other areas too!