Energy bill alert: Households could ‘cut costs’ just by using their smart meter | Personal Finance | Finance
Households across the UK are dealing with a cost of living crisis which is partially being caused by the unprecedented rise in energy bills. As of last month, gas and electricity costs have skyrocketed by 27 percent even with the Government’s £2,500 energy price guarantee in place. While various support schemes and payments have been set up by the Government and energy suppliers, experts are sharing how an everyday smart meter can lower costs.
Smart meters are devices in peoples’ homes which are used by both consumers and providers to determine how much energy has been used.
Data from the equipment is automatically sent over wireless networks to a household’s energy supplier.
While this is a useful tool for energy companies in tracking what their customers are spending, families can still use it to their advantage in reducing their energy bills.
With the cost of living crisis looking set to continue for the foreseeable future, experts are sharing how households can use this device to “cut costs”.
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Layla Johnson, a regional manager at Creditfix, outlined the benefits which can be provided by households effectively using their smart meter.
Speaking exclusively to Express.co.uk, Ms Johnson explained: “Given that so many of us are struggling with the cost of living right now, smart meters are a great way for people to cut their energy costs and make their money go further this winter.
“The biggest advantage of a smart meter is that it gives you visibility of your energy usage.
“The in-home display allows you to see exactly how much energy you’re using, as well as the associated cost. That way, you can adjust your usage based on how much you’re spending.”
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One of the many reasons families pay more towards their energy bills is due to inaccurate readings.
However, Ms Johnson noted that smart meters are an asset in preventing these mistakes from happening.
The finance expert added: “Smart meters also help put a stop to inaccurate meter readings.
“Taking manual meter readings can cost people thousands of pounds over the course of a year, as they are often forced to pay bills based on supplier estimates, rather than paying for their exact usage.
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“With a smart meter, your device will send automatic readings to your energy supplier every 30 minutes.
“This ensures that your bills are accurate, you’ll never pay for more energy than you’re actually using, and will allow you to budget more effectively throughout the winter.”
Recently, various energy suppliers are taking part in a National Grid which has been set up to save people money and prevent blackouts this winter.
Households are being encouraged to lower their energy usage during peak times which can be done by using their smart meter to track what they are consuming.
For example, those who reduce their energy consumption with Octopus Energy could save around £100 this winter.
Greg Jackson, the CEO of Octopus Energy Group, said “Let’s be very clear: this is a historic moment – we’re entering a new era of energy in which households are moving from passive offtakers to active enablers of a smarter, greener and cheaper grid.
“Instead of cutting off whole chunks of the country if we are short of gas, we can reward people for using less energy at times of peak demand.
“We were the first energy supplier to offer this service to our customers, and we hope others will follow our lead. By doing so, we can make blackouts a thing of the past, and bring costs down for everyone.”
