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Value of a smart meter

With another substantial increase in the energy price cap soon, households may be considering a smart meter. It's a device installed by the energy provider to automatically track gas/electricity usage. Are you thinking of having a smart meter installed?

Smart Meter

On the up 

Smart meters are not compulsory by law, but energy suppliers are aiming to install them in all homes by 2025. So far about 50% of UK homes use a smart meter; that means 25m users. An in-home display shows how much energy is used and the cost of the gas and/or electricity.

Advantages of a smart meter

  • No more meter readings, as the meter automatically sends the usage to the energy supplier.
  • Accurate energy bills, paying for the exact energy use (half-hourly, daily or monthly).
  • Easily track spending with a home display unit that sits anywhere or on the wall.
  • Encourages better use of energy, which can mean cheaper bills in the long run.
  • Access to cheaper tariffs and exclusive discounts for homes with smart meters.
  • Switching suppliers is easier and simpler with a smart meter.

 Disadvantages of a smart meter

  • Uses a mobile signal which is tricky for some homes. A dedicated wireless smart-meter network is currently being set up to resolve the mobile black spots. 
  • There’s no guarantee of saving money unless the household make a positive decision to cut their energy usage.
  • Excessive monitoring can cause problems if family members are seen to be overusing the energy, such as boiling the kettle too often.  
  • Some folks won’t understand the meter readouts with kilowatt-hours and other energy terms that are difficult to decipher if elderly or vulnerable customers.

Smart meters are installed for free as part of a government scheme, started in 2011. However, the cost of their installation is covered through charges to everybody’s energy bill. The result is those without meters are paying for other people’s smart meters.

ChildMax continues to ensure your salary and pays your take home salary while you’re on 12 months’ unpaid leave, caring for a sick child. It starts from £49.50 or for easy budgeting an initial payment of £8.25 followed by 11 monthly payments of £3.75.

Visit at www.insurewithmax.com or call the UK call centre 0333 323 0098 for more information.

Sources:

https://www.comparethemarket.com/energy/content/smart-meter-pros-cons/

https://inews.co.uk/inews-lifestyle/money/smart-meters-are-now-in-half-of-uk-homes-and-small-businesses-as-consumers-look-to-cut-energy-bills-1506521

https://www.yesenergysolutions.co.uk/advice/benefits-of-smart-meters

Date: 19 September 2022 by Max Robinson