The subject of energy efficiency and sustainability is becoming increasingly important to businesses both big and small. Traditional meters can make it difficult for businesses that are looking to assess energy usage and identify real energy saving opportunities. Businesses also often find they lack the required control over their energy supply in order to manage their energy costs effectively.
Whilst smart meters have been available to business for over 12 months the uptake has been slow, despite the meter being free of cost through some energy suppliers. However, this is soon to change due to legislation coming into force in April 2017. This legislation will mean that smart meters are compulsory for energy meters in profile classes 05-08. Those businesses with energy meters in profile classes 01-04 are not impacted by the regulation but are encouraged to install a smart meter and take advantage of the benefits.
The smart meter is a replacement for existing, traditional meters and works by using a secure national communication network (called the DCC) to automatically and wirelessly send accurate energy usage data directly to the supplier.
With over half a million non-domestic smart meters installed across the country since March 2016, 1 out of 5 businesses are already reaping the benefits of this innovative technology. *
What are the benefits of having a smart meter installed?
- An energy saving opportunity
Smart meters provide businesses with the chance to fully engage with, and take control of, their energy use. With improved insight into consumption patterns provided by online smart meter reporting, businesses can identify and pursue potential new saving opportunities.
- The end of estimated energy bills
Smart meters will bring an end to estimated billing, this means that businesses will only pay for the energy they use. For business that uses energy in a consistent manner, the end of estimated billing will enable them to forecast their energy spend. This increased functionality will also support time-of-use tariffs and allow businesses to access the benefits this can provide, leading to further cost savings on energy use.
- Switching energy supplier will be easier than ever before
The introduction of smart metering has the potential to boost competition across the energy market. This will not only make it easier and faster to switch energy suppliers, but provide businesses with the best possible deals available. Currently it can be difficult for businesses to secure the data they need to switch energy supplier, making it difficult to compare and search the market for the best prices and the right contract.
- Increased control of energy usage
Most businesses don’t know how much energy they use with a third not understanding their energy bills. Smart meters are designed to give back control to businesses and consumers to rebalance the energy market. The greater visibility of energy usage will quickly help to identify patterns of usage, equipment that consumes a high amount of energy and view consumption levels across the business. When you combine usage data with real time consumption data businesses have increased control over their energy usage and energy saving opportunities.
The installation of smart meters across households and businesses will enable a more energy efficient system across the country. If you are interested in installing a smart meter for your business, or unsure whether you are affected by the impending legislation, contact your energy supplier to find out what they are able to offer your business.
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