Smart Meters to Generate Savings of £7bn in 20 years

According to the DECC updated report on the Smart Metering Implementation Programme, the mass roll out of smart meters will cost £11.5bn over the next twenty years. However, it is […]

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By Geoff Curran

According to the DECC updated report on the Smart Metering Implementation Programme, the mass roll out of smart meters will cost £11.5bn over the next twenty years. However, it is estimated that profits will reach the £18.6bn mark resulting in a net profit of approximately £7bn over the same period of time.

The government and the public sector are very optimistic about this new scheme which is aimed for household and SMEs (small and mid-sized businesses).

The aim is to reach 28 million homes and 2 million small to med-sized businesses by 2019.

So far everything seems to be going according to plan. The government has launched a series of publications to support and ensure that the benefits of the programme are maximised and that consumers are protected.

Amongst these publications highlights to the code of practice for suppliers and installers which emphasises that there should be no sales pitch during the installation visit and costumers must be provide with energy efficiency advice as part of these visits.

The decision to create a code of practice was welcomed by Consumer Focus Chief Executive Mike O’Connor who said:

“We welcome the banning of sales during installation and that marketing will only be allowed if the customer agrees. This shows the Government has listened to consumers. We support the proposals to address consumer concerns around the privacy of information. But, to make this work, people must be aware of their rights and the choices available to them on how much information is passed to suppliers.”

O’Connor also emphasised the importance to provide detailed information on how to harness the benefits of smart meters by saying that people can only become more energy efficient if they learn how to use this new technology.