British Gas-backed report also finds SMEs could cut £800 off their annual energy bills by installing a smart meter
Smart meters alone could save UK SMEs between four and five per cent on their energy bills, while the whole country could benefit to the tune of £14bn after the costs of a national rollout are considered.
The government intends to replace over 53 million gas and electricity meters in homes and businesses across the country by 2019 to give customers more accurate bills and help them reduce their energy consumption.
This programme will cost around £11.5bn between 2012 and 2030, but bring in benefits of £25.3bn, according to new research to be published today by British Gas and consultancy Oxford Economics.
The utility, which has a strong interest in the area given it has already installed 600,000 smart meters under its own rollout programme, says a typical SME could save 4.3 per cent on its annual electricity bill and 4.7 per cent on its gas bill by installing a smart meter – equating to an average saving of £230.
Moreover, it reckons businesses receiving efficiency advice from their supplier based on smart meter data could see these savings rise to between 7.5 per cent and 15 per cent, which would shed an average of £390 and £800 respectively off the typical bill. UK businesses are also predicted to save £31m in time lost through having their meter read.
In total, the report calculates consumer energy savings to top £11bn and efficiency savings for energy suppliers to reach £10.7bn, while reduction in electricity demand as a result of smart meters is predicted to save generators a further £3.2bn.
Dean Keeling, managing director of British Gas Smart Homes, said it was clear smart meters would help businesses save energy and therefore improve their bottom line.
“Smart meters are good news for households, businesses and Britain,” he said in a statement. “They are fundamentally changing how we use energy, bringing billions of pounds worth of benefits to Britain.”
Originally posted at Smart meter rollout to save UK £14bn by 2030