Have you installed a smart meter in your business? If not, it may be time to do so as a new report claims it could help British businesses save around £230 on their energy bills every year.
According to the report published by British Gas and Oxford Economics, small to medium sized businesses could save a minimum of 4.7% on their electricity bills and 4.3% on their gas bills, which could add around £3.5 billion to the economy.
Smart meters are expected to help households and businesses manage their energy use better, save money and reduce emissions.
Figures from Carbon Trust have shown the savings could rise up to around £390 a year with additional efficiency measures like changing lighting and upgrading energy intensive appliances.
A bakery in Devon claimed it saved around £900 on its energy bills in less than a year of installing a smart meter and being more energy efficient.
Angela Needle, Head of Energy Consultancy at British Gas Business said: “Smart meters will fundamentally change the way businesses manage their energy. They will put businesses in control of their energy costs and help them identify steps they can take to reduce their energy bills at a time when controlling costs is a priority for many small businesses.”
The rollout of smart meters in households could also add another £22 billion to the economy. The Government expects to have all homes and businesses installed with smart meters by 2019.