It is estimated that the rollout of smart meters across the UK could save around £14 million over the next 18 years. The report that has estimated this has been put together by British Gas, and it is estimated that small businesses could save around £800 a year off their energy bill by the installation of a new smart meter.
This results in an energy saving of about five percent per year, and over the whole country, this could equate to a total saving of around £14 billion. The government have announced plans that they plan to replace around 15 million electricity and gas meters in businesses and homes across the country over the next seven years, which will mean that more people get accurate gas bills, which will help them control their energy consumption, and receive lower bills.
It is estimated that around £11 billion is going to be spent on the program up to 2030, but the benefits are going to be much more significant. The consultancy firm, Oxford Economics, worked with British Gas in order to put together the research, and it seems as if the installation of smart meters is going to be a very positive step for energy-saving in the country.
As well as being able to save money on their gas bills immediately, businesses are also going to be able to fine tune their efficiency drives, and work out how to save even more money off their energy bills. Currently, businesses estimate that around £31 million a year is lost because the meter is read, and sometimes estimations are made. In addition to this, the reduction in demand for electricity because of the smart meters is probably going to mean that electricity companies are going to save an additional £3 billion a year.