The energy industry is often evolving bringing in new technologies and practices to the market. One of the biggest evolutions in recent years has been the release of smart meters.
Most of you will have heard about this, whether it’s for your business or home, but this has led to many people wondering is it compulsory to have a smart meter installed?
In this guide we’ll be explaining what a smart meter is, how to know if you already have one, the possible benefits, some of the key reasons why a business wouldn’t want to have a smart meter installed and much more.
What is a smart meter?
Smart meters serve as a replacement for your traditional gas or electricity meter, these new smart meters provide your business with a digital way to measure your gas and electricity readings. These readings are sent directly to your energy supplier, removing the need for manual meter readings.
You will also receive an in-house display that allows you to view your energy usage in real time. You may receive separate in-house displays for both gas and electricity, however if both are supplied by the same supplier you will usually only receive one which can view both gas and electricity.
Is my business legally required to have a smart meter installed?
No – smart meter installation is not legally required.
However, energy suppliers are mandated by the UK government and Ofgem to offer all eligible businesses an upgrade to a smart meter.
If you don’t want to have one installed, the bill payer can refuse this at any time and can be done indefinitely.
Benefits of smart meters
Although smart meter is not mandatory, you could miss out of a range of benefits that are associated with smart meter such as:
Tariff options: Having a smart meter installed can sometimes mean unlocking exclusive tariffs from energy suppliers. These often include lower unit and standing charge rates but can also offer ‘time of day’ tariffs. This means you will be charged different rates depending on the time of day, which can lead to significant savings.
Accurate billing: With smart meter collecting the energy usage data and sending this directly to your energy supplier, this means there will be no more estimated billing, and you will only be charged for the energy your business consumes.
Identifying energy usage patterns: You can access the energy usage data that the smart meter collects via your in-house display. This will enable to identify any trends and patterns to implement energy efficient strategies and initiatives.
No cost to you: As the UK rolls out smart meters, the majority of suppliers, Dyce Energy included, are offering installations completely free of charge.
Save time: As previously mentioned, smart meters will automatically send the energy usage data to your supplier, there is no need for manual meter reads. Yes, this may only save you a few minutes a month, but it allows you to tend to tasks beneficial to your business.
Why wouldn’t a business want a smart meter installed?
Those asking whether a smart meter is compulsory may have some reservations about smart meters.
The two key ones we hear about regularly are health concerns and data protection.
Looking at health concerns, Public Health England (PHE) have conducted extensive research into this and have confirmed exposure to the radio waves produced by smart meters do not pose a risk to your health, smart meters actually emit less radio waves than other regularly used tech like mobile phones. You can find more information on smart meters and health on the PHE website here.
Now looking at the data protection around smart meters, some users have expressed concerns over who can see their consumption data. Now like with all technology, hacks can happen so you must be vigilant, however smart meters are required to meet strict government security standards before they can be released.
Some of the other concerns include:
- Can’t switch suppliers: There were previous issues with the original SMETS1 smart meters, however the newer rollout has made the meters ‘interoperable’, which all suppliers can support them.
- I rent so I can’t have one: A common misconception, as long as you are the bill payer you can have a smart meter installed but it is recommended you inform the landlord of your plans.
- Installing the meter means a lost day of business: Smart meters take on average 2 hours to install, with the energy supply needing to turned off for 30 minutes. Most suppliers also offer evening and weekend installations to reduce the impact on your business, but these will be limited.
How much will a smart meter help my business save?
Unfortunately, it is impossible and would be irresponsible of us to say how much you will save from getting a smart meter. This is because we can’t be sure what savings you will get as this will depend on a range of factors including:
The amount of energy your business uses: If your business is a high energy user, there is going to be greater potential for you lower you costs through accurate readings and billing.
How energy efficient your business is: Smart meters were designed with energy efficiency in mind, the data they collect can highlight areas you are doing well in and areas for improvement.
How much you are overpaying currently: if you don’t submit a manual read each month, you will be receiving estimated bills. If you are paying too much, having a smart meter installed will remove the estimated billing, meaning you could save money without even changing your energy habits.
As you can see, there are lots of factors that will influence how much money you could save by having a smart meter installed. Although we can’t give you an exact amount, the savings potential is huge with many different strategies and initiatives you could put in place to achieve this.
How to get a smart meter installed?
For Dyce Energy customers, if we haven’t reached out to offer your business a smart meter yet, just give the team a call or drop them an email with your account and business information. They will then check our internal systems to see if you are eligible to have one installed at your premise.
If you are eligible the team will send over a booking link for you to choose a day that suits you best.
For none Dyce customers, our best advice would be to check you emails to see if your supplier has offered you a smart meter already. If not, it would be advisable to contact your supplier or energy broker to inform them you would like to have a smart meter installed. They will then check your eligibility and get back to you with an answer.
Take Control of Your Business Energy with Smart Meters
Smart meters are revolutionising the way businesses manage their energy consumption. While is not a legal requirement to have one, the benefits they offer, such as accurate billing, energy usage insights and potential cost savings, make them a valuable tool to UK businesses of all sizes.
At Dyce Energy, we committed and are actively encouraging our customers to embrace smarter energy solutions with expert support every step of the way and free smart meter installations. Whether you are looking to create a more energy efficient business or to unlock a greater range of tariffs, we’re here to make the process as seamless as possible.
Don’t wait to start benefiting from a smart meter. Get a free no obligation quote from Dyce Energy today to find out how we can help your business save time, money and energy.
