DECC's new smart meter guidelines: five implications for your business
DECC has today published new guidlines for the rollout of smart meters, but what will this mean for your business?
1. Two million small businesses will have smart meters installed by 2019.
2. You'll get more accurate bills.
With a smart meter, meter readings are automatically sent to your energy supplier, which means accurate bills, which means better cash flow for your business.
3. You won't get a sales pitch
DECC has banned energy suppliers from using installing your smart meter as an opportunity to make sales pitch. It has also placed restrictions around how the data your smart meter provides can be used, and given customers some control over who can see what information.
4. You could save £190 a year
DECC has said that businesses can expect to make savings of £190 by 2020, rising to £200 a year by 2030 as a result of having a smart meter. It's important to note that these savings aren't automatic. If you want to make these savings, you need to be proactive and use the smart meter and the data it provides to change your habits and be more energy-efficient, which is why DECC also has said that when your new meter is installed you should be given energy efficiency advice.
5. It could mean innovation in the market (and more savings)
Smart meters can provide energy suppliers with much more data about how much energy we use and how we use it. This means that energy suppliers can more accurately forecast how much energy they need to buy and when they need it, which means they can be more efficient. Hopefully greater efficiency in terms of forecasting shape and demand will mean the energy suppliers can pass the savings they make on to their customers and also come up with innovative new tariffs.
On the whole, we think this is a positive for businesses, but we have to ask why it's taken so long? Smart meter technology has been around for well over a decade, energy suppliers have been installing them for years and many businesses have already taken the plunge.
For more information on smart meters visit our partner company Business Juice.
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