The most engaged smart meter customers could cut their annual bill by as much as a fifth by embracing new, digitised energy systems.
That’s according to new research published today by Delta-ee and Smart Energy GB, which says smart meters could offer a revolution for the energy sector in much the same way Spotify and Netflix have for the entertainment industry – the report claims the devices have the power to provide a platform for modernisation and new technologies that will transform energy use.
It predicts annual household savings could include up to £90 from time-of-use tariffs, rising to as high as £130 for electric vehicle users, enabled by customers buying energy when it is at its cheapest.
The research also suggests consumers could save £100 from using peer-to-peer energy trading to buy and sell energy they generate and store with other customers on virtual platforms, as well as £300 from auto-switching services.
It adds an additional cost reduction of £75 could be achieved for pre-payment customers, who it says will no longer lose out and have access to the benefits of most other customers.
Dr Andrew Turton, Principal Analyst at Delta-ee, said: “People are now used to real-time services enabled by digitalisation rather than simply purchasing physical products.
“Just as the benefits of music services like Spotify are far greater than not having to buy CDs, smart meters are a fundamentally transformative technology and open up a whole host of new services to customers which can benefit their lives and reduce their costs.”