Is it a really smart move to install a smart meter in our home?
New research by Compare the Market suggests just one in six energy deals are available for households that currently use smart meters.
The analysis found that smart meter owners not only have a very limited range of tariffs if they would like to switch energy suppliers but also the average tariff available is £18 more expensive a year.
Homes without smart meters have the chance to choose tariffs for £1,071 per year while the average annual switchable dual fuel tariff price for those with smart meters is £1,089.
In addition, the report estimates there are nearly 4.5 million households with smart meters that turned ‘dump’, displaying readings but being unable to communicate with the network.
Peter Earl, Head of Energy at Compare The Market said: “The industry should be encouraging people who haven’t yet to switch to smart meters, but this does not seem to be the case with tariff variety and pricing.
“There needs to be more incentives to encourage people to switch, including competitive pricing.”