Wide-scale adoption of flexible energy solutions could bring a prospective annual energy cost reduction of £4.6 billion by 2030, which could surge to an impressive £14.1 billion by 2040.
That’s according to a study conducted jointly by Cornwall Insight and Smart Energy GB, which reveals that the strategic shift of energy consumption to off-peak hours could result in savings amounting to billions of pounds.
The investigation’s data indicates that a significant portion of national wholesale and system electricity expenses could be curbed by implementing measures such as time-of-use tariffs, smart meters and the integration of solar PV and battery storage systems.
Active participation in these energy initiatives, especially the incorporation of smart meters and flexible usage, could translate to a reduction of over 14% in wholesale electricity costs by 2030.
For an average household, this equates to a projected yearly saving of £115.
Looking ahead to 2040, the study suggests that households have the potential to slash their electricity expenses by an astounding 52%, amounting to a predicted annual saving of £375.