The European Investment Bank (EIB) has confirmed a loan worth €150 million (£134m) for the rollout of smart meters in Ireland.
It will support ESB Networks’ installation of 2.4 million smart meters in homes and businesses across the country by 2024, a key part of the government’s National Climate Action Plan.
A total of 200,000 smart meters are expected to be installed by the end of 2020 and 500,000 in each of the four years thereafter.
The technology will provide customers with greater access to accurate information on energy usage, giving greater control over their energy consumption.
In trials, consumers reduced consumption by up to 3% and peak demand by 8%, according to the company.
From 2021, electricity supply companies in Ireland will be able to offer new smart services to customers with the technology.
Pat O’Doherty, Chief Executive of ESB said: “The National Smart Metering Programme being delivered by ESB Networks is an important enabler of Ireland’s National Climate Action Plan and helping empower all electricity consumers to actively play their part. This is a big investment in Ireland’s transition to a low carbon future and the wider economy.”