The amount of smart meter installations has been on a decline since the beginning of 2023. According to Electra Link in April 2023, the installation of smart meters was 9% less than April 2022 and 20% less than the month before. All energy suppliers have been given annual targets to install a certain amount of smart meters for consumers each year. However, these targets are starting to fall behind.
How will a smart meter impact your business?
Although a lot of people have forgotten about smart meters, they have many benefits for businesses such as:
- Accurate billing: Smart meters provide highly accurate energy usage data, allowing businesses to be billed precisely for what they use. This can help reduce inflated bills and unexpected fees, providing more budget predictability.
- Energy monitoring: The real-time data smart meters provide gives businesses insight into their energy usage patterns. They can see when and where energy is being used the most, allowing them to pinpoint inefficiencies and make data-driven decisions to reduce usage and costs.
- Demand response: With smart meters, energy providers can implement demand response programs that reward businesses for reducing energy use during peak hours. This can generate cost savings for businesses while stabilizing the electricity grid.
- Prepay options: Some smart meters enable prepay energy options, giving businesses more payment flexibility and potentially helping those with bad credit or payment issues.
Overall, smart meters can empower businesses to gain valuable awareness and control over their energy use to cut costs and increase sustainability. Though installation numbers are declining currently, as the technology improves and more businesses recognize the benefits, smart meter adoption is likely to increase in the coming years.
Keep on top of your energy usage with a smart meter
Energy suppliers only perform manual meter checks every few months or years, leaving significant gaps in a business's understanding of their energy usage and costs. Smart meters provide continuous, real-time data on energy consumption, allowing businesses to closely monitor their usage and spot trends or inefficiencies as soon as they occur.
For example, a restaurant may notice energy spikes during the dinner rush when multiple high-powered appliances are in use at once. With this insight, they could shift some equipment to different circuits or implement more efficient models to reduce peak demand and lower costs. A store could detect that their energy usage is higher than usual overnight when the building is unoccupied, then work with their supplier to determine if the issue is a technical fault or security problem.
Staying on top of energy usage in this way helps businesses take control of their costs and environmental impact. Rather than waiting for an infrequent meter check or inflated bill, smart meters keep businesses informed so they can take action immediately when needed and make the most of energy management opportunities as they arise. Overall, smart meters are a valuable tool for sustainability and savings when energy data is readily available.