Is Now the Right Time to Get a Smart Meter?

Smart meters are a simple and convenient way to manage how you use your energy at home. They give you an accurate, real-time view of the energy you use and when you use it, ensuring you have much more control.

If you don’t yet have one, you might be asking is now the right time to get a smart meter? This is a simple yes or no question as it completely depends on your individual needs and circumstances. Below, we’ll take a look at everything you need to know about getting a smart meter right now, to help you decide whether or not it’s right for you.

What is a smart meter?

A smart meter is a digital device that replaces the traditional gas and electricity meters you may have in your home. They track your energy usage which allows you to monitor your usage and spend in real time and automatically the smart meter sends readings to your energy supplier. This prevents the need for your supplier to send you estimated bills and for you to keep on top of taking and submitting manual readings like you may do with a traditional meter. This automation can be anything from half hourly readings to monthly readings.

Smart meters can also be linked to an app, allowing you to control and monitor your energy consumption even when you’re not at home. It also gives you complete flexibility – for example, you can boost your heating during the car ride home so your house is lovely and toasty from the moment you walk in through the door.

Below are just some of the benefits to installing a smart meter at home.

Gain better control over your energy usage

With energy prices fluctuating, knowing exactly how much you’re spending is a game-changer. This can make you more mindful of how much energy you use and when, giving you a far greater level of understanding. A smart meter can help you:

• Monitor your daily energy habits.
• Identify energy-hungry appliances.
• Make informed decisions about where to cut back.
  

Say goodbye to estimated bills

When your energy company has accurate and up-to-date information related to your energy usage, they no longer have to send you estimated bills that may be way more or way less than you expect. With a smart meter, you’ll only pay for what you use, meaning you won’t have any unexpected bills because you no longer need to send meter readings.

Support a greener future

Because smart meters give you more control, it’s a great way to help lessen what you use to not only save money, but save energy. This helps suppliers monitor overall usage, which helps them manage demand and reduce the reliance on fossil fuels.

Unlock energy-saving deals

Because it’s also a huge help for energy companies, they’re often inclined to offer customers who install smart meters exclusive tariffs and discounts.

William Hobbs at MyJobQuote.co.uk says:

'A smart meter gives you access to a greater range of energy tariffs, such as Time-of-Use tariffs. These offer you cheaper rates during off-peak hours, so you can save money by running power-hungry appliances and charging vehicles during this time. Households with a smart meter may also be eligible for the Demand Flexibility Service (DFS). This scheme rewards you for reducing your energy consumption during peak hours.’

Is it free to get a smart meter?

Most energy suppliers will provide and install a smart meter at no cost. However, you should speak with your energy provider to check whether this is something they offer.

Energy expert William Hobbs says:

'The installation and display unit are free and the meter doesn’t need a Wi-Fi connection, so there are no upfront costs associated with getting a smart meter. The person installing the meter should also run through how it works, so you can start using it straight away. Some people do worry about the cost of having the display unit plugged in but as this uses no more than 1kW of energy per year, it should add less than 25p to your annual bill.'

Common concerns about smart meters

You may be on the fence about whether or not now is the right time to install a smart meter. Here are some of the most common concerns many have about making this big change.

Compatibility issues

Some of the older, first-gen smart meters (SMETS1) were known to lose functionality when switching suppliers. However, the latest generation of smart meters has rectified this problem and there are far fewer reports of issues with SMETS2.

Privacy and security

While they're always communicating directly with energy providers, there are strict processes and security measures in place that make sure your smart meter data is protected. This real-time monitoring is purely to make sure you only pay what you need to. If you have concerns, speak to your energy supplier and ask them to only collect the essential information from your smart meter. They always treat your energy security as a key priority, but speaking to them can help with your peace of mind.

Installation appointments

During peak periods, it may take some time to schedule an appointment for an engineer to install your new smart meter. If it’s something you’d like to have, make sure you plan ahead and anticipate that there might be delays.

Communication errors

There have been instances where smart meters haven’t correctly communicated users’ usage to their providers, which has resulted in them being charged based on a more expensive tariff. However, these issues were with the SMETS1 meters due to issues with the 3G connection, which the SMETS2 doesn’t have as it communicates to a central data hub.

How to maximise savings with a smart meter

Getting a smart meter installed is just the first step in taking control of your energy usage. Once installed, here’s how to get the most out of your smart meter:

• Track your usage: Use your in-home display or app to spot energy spikes and adjust your habits
• Upgrade to energy-efficient appliances: Replace older devices with energy-saving alternatives. To save even more, use voucher codes on new technology to save on LED bulbs, smart thermostats and eco-friendly appliances.
• Switch to smarter tariffs: Explore time-of-use tariffs that reward off-peak usage, perfect for charging electric vehicles or running appliances overnight. For more information, read our guide on how to save money on your energy bills.

Should you wait or act now?

You may be asking, should I get a smart meter? and if now is the right time for you. Here’s how to help you decide if now is the right time for you to have a smart meter installed at home.

Act now if:

• You want to take control of your energy bills immediately.
• Your provider offers a SMETS2 meter.
• You’re looking for better tariffs or rewards.

Wait a little longer if:

• Your current meter is functioning well and you’re on a fixed tariff.
• You’re planning to switch providers soon and want to ensure compatibility.
  

Take charge of your energy future

A smart meter is the first important step toward smarter energy management, and along with it a far better level of control and cost savings. Not to mention contributing towards a greener planet. With installation often free and potential savings waiting to be unlocked, now might be the perfect time to make the switch for you.

In addition to installing a smart meter, another great way to save money is by switching suppliers - browse utilities voucher codes and make even bigger savings on your energy bills this year.