Are smart meters cheaper? Pros and cons of the energy usage tracker

Smart meters have become common in many households of the UK, with over 24 million now installed in homes.

The devices are able to record and track energy usage every half an hour, allowing homeowners to precisely monitor their consumption.

In theory, smart meters are meant to help reduce the UK’s overall gas and electricity consumption, save on bills and go some way to helping the nation achieve the 2050 net zero emissions target.

However, in reality it might not be the case.

the government are far off reaching their goal of 85 percent of homes being fitted with smart meters by 2024 and by the time the target is hit, their technology may be obsolete.

At present, they make up just 31 percent of all meters in the UK.

Business Secretary, Kwasi Kwarteng, has recently admitted that smart meters will become redundant if Britain ditches gas boilers in an effort to go green.

Current smart meters cannot monitor the flow of hydrogen – the renewable and producible fuel of the future.

This means tens of millions of new meters would have to be fitted, adding to the cost of the already multi-billion pound project.

Pros of smart meters

Data from MoneySupermarket, say 52 percent of those with smart meters say they encourage better understanding of how the energy market operates.

While, 67 percent of those who like their meters claim it has made them more energy conscious.

Pros of smart meters include:

  • No meter readings as data is sent straight to you provider
  • Accurate energy bills – estimation no longer required
  • Easily track what you use and spend – display screen allows for easy tracking
  • Encourages better energy habits
  • Could help reduce carbon footprint
  • Access to cheaper tariffs – smart meter sign up exclusive deals
  • It’s easier to switch suppliers – data is already provided

Cons of smart meters

Over 10 years after the roll-out of smart meters, data suggest only 43 percent of those who have one believe it was worth it.

While, 21 percent believe their device is already out of date and would prefer an app.

Cons of smart meters include:

  • Technical malfunctions can result in inaccurate and expensive bills
  • Uses a mobile signal not WiFi older models use sometimes unreliable mobile networks

  • Not guaranteed to save money – meters do not passively save you money, you have to act

  • excessive monitoring – checking your minute by minute consumption can become an obsessive behavior and lead to family friction
  • Smart meter goes dumb – if you switch suppliers, smart meter technology may be downgraded and you might have to manually take readings

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