Posted by British Gas in Smarter Living
The Government has requested the installation of smart meters and smart energy monitors in UK homes and businesses by 2019 as a means of helping households use less energy.
At the moment £1 in every £4 spent on heating is wasted. Televisions left on standby and mobile phone chargers that are left plugged in at all times are contributing to the £1.3 billion that is lost every year through British households not fully switching off electronic gadgets.
We want to help our customers use less energy and have already introduced simplified bills to bring more transparency and simplicity to understanding energy.
At a time of financial hardship, smart meters are good news for the UK and at British Gas we’re committed to rolling them out as quickly as possible so our customers can feel the benefits. As part of our ongoing commitment to customers and our vision for a Smart Energy Future, we commissioned Oxford Economics to investigate the value of smart metering to Britain and the results were extremely positive.
British homes and businesses could be nearly £14 billion better off thanks to the roll out of smart meters – this is according to the most comprehensive smart meter report to date, which is published today by British Gas and Oxford Economics.
The report analyses the costs and benefits of smart meters from 2012 to 2030 and finds that, whilst the national roll out will cost £11.5 billion, the benefits of smart meters could total £25.3 billion – a gain for the country of nearly £14 billion.
The key benefits are:
• £11.2 billion in energy savings for households and businesses. The report finds that smart meters, by helping households and businesses see the energy they use and by providing personalised energy advice, will help save the average household 5% (around £60) on their yearly bill.
• £10.7 billion in efficiency savings for energy suppliers. With the British energy market being one the most competitive in the world, the report expects much of these savings will be passed onto consumers giving them additional reductions on their energy bills.
• £3.2 billion in generation related savings. Lower energy demand from smart metering reduces the amount of energy generated and used for consumption in Britain. The savings will be made from reduced costs around the trading of carbon.
The findings are published as British Gas announces plans to train a further 750 Smart Energy Experts in order to upgrade UK homes to smart meters in 2013.
Dean Keeling, Managing Director of British Gas Smart Homes, said: “Smart meters are good news for households, businesses and Britain. They are fundamentally changing how we use energy, bringing billions of pounds worth of benefits to Britain.
The facts are plain; smart meters will help people save energy putting money in their back pocket. At British Gas we’re rolling out smart meters as quickly as possible to get the benefits to our customers. We’ve also committed to make sure that customers see the benefit of the savings to the industry, which could mean that customers could see even greater reductions in their bills.”
Andrew Tessler, Senior Economist at Oxford Economics, said: “In addition to the energy consumption savings identified in our report, our research also highlights that smart metering, together with the creation of the Data Communications Centre (DCC), can greatly reduce the time and convenience costs of switching suppliers for customers.”