As energy costs has increased due to the energy crisis, businesses are becoming more conscious of their energy consumption and the impact it has on their bottom line. One technology that you could have access to right away, is a smart meter.
Smart meters can allow your business to monitor and manage energy consumption more effectively, potentially leading to significant cost savings – not only that save you time and resource in collecting meter reads if you’re on a Non-Half Hourly (NHH) or older gas meter.
In this blog post, we will delve into the benefits of smart meters for business energy customers and how they can help businesses to become more energy-efficient, save you money and resource.
What is a smart meter?
A smart meter is an electronic energy meter that wirelessly sends automatic gas and electricity meter readings to your supplier, providing completely accurate energy bills. The display screen of smart meters shows you exactly how much energy you’re using. Smart meters can help you better understand your energy usage, enabling you to identify ways to reduce your energy spending.
What are the benefits of smart meters for businesses?
Smart meters provide several benefits for businesses, including:
- Accurate Billing
- More real time energy usage data
- A better energy deal
- Save time and resource on collecting meter readings before you submit them to your supplier
With smart meters, suppliers no longer have to estimate your energy usage. This gives you the opportunity to accurately forecast your energy consumption and when you go to market for your energy supply renewals, the market will have a more accurate picture of what it is your business is likely to consume.
Is it compulsory to have a smart meter installed for businesses?
No, it is not compulsory to have a smart meter installed at your business premises, but energy suppliers are required to offer them to small business owners by the government. Energy suppliers are keen to push for the rollout of smart meters as it eliminates the need to estimate business energy use and saves money by reducing the number of meter readers.
Why was the smart meter rollout pushed back?
The cost of the smart meter initiative is £7 billion, and this will be passed on to households and businesses via their energy bills. The original target of having 85% of smart meter installations completed by 2020 was pushed back to 2024, and it has since been further delayed until the end of 2025. The delay is due to spiralling costs and some previous not offering the correct technology.
How do smart meters work?
Smart meters consist of three components: the smart meter, which takes readings of your energy usage; the communications hub, which sends these readings to your energy supplier; and the smart meter energy monitor, which displays your real-time energy usage. As you use energy, real-time updates are displayed on your monitor, and up-to-date readings are sent to your supplier.
Are smart meters free for businesses?
Smart meters are not technically free as the installation costs that suppliers incur from installing smart meters are recovered through an increase in the price of your energy bills. However, there is no direct, upfront cost to businesses. It is likely any data collector charges will be added to the Standing Charge element of your bill.
How do you read a smart meter?
Smart meters send readings to your supplier automatically. You can view these readings from your smart energy monitor. Each model of a smart energy monitor functions slightly differently, so you should consult your user guide for further information, bearing in mind you might need to check how to read a gas smart meter and an electricity smart meter separately.
Will having a smart meter affect the privacy of your data?
If you have concerns about the data shared by your smart meter, you can choose how much information you share with your supplier and how regularly they collect remote meter readings from your smart meter. It is essential to let your supplier know your preferences regarding the sharing of your energy usage data with other organisations, such as research agencies that may get in touch to ask you about your smart meter experiences.
How do you get smart meters for small business use?
Your energy supplier will provide and fit a smart meter at your business premises completely free of charge, and there are no point of service charges. You can get a smart meter fitted at your workplace by requesting one from your energy supplier, arranging an installation appointment, and letting your supplier install the smart meter at your business premises.
How can UtilityWorks help?
If you’re tired of high energy bills, outdated systems and time spent collecting energy reads and recording them… UtilityWorks is here to help. Our team of experienced energy consultants can assist your business in installing a smart meter with your supplier, which can save you time, money, and energy in the long run.
With our help, you can optimise your energy consumption and improve your overall sustainability. Don’t wait any longer to take control of your energy usage.
Contact UtilityWorks today and let us help you make the switch to a smarter, more efficient future.
