Smart meters in the residential sector are considered an important advancement in the energy sector. The use of smart meters is beneficial when it comes to controlling the energy use. It saves money by preventing the risk of error and estimated bills by providing real-time readings.
The UK has been increasing its renewable power generation due to various reasons including rising demand. With variations in power generation as well as consumption, energy suppliers make additional investments by installing power backup and storage equipment. These costs are eventually passed on to customers. Smart meters can play a crucial role to save some of these costs, particularly during peak hours.
In the UK, energy suppliers installed around 11 million smart meters. According to the research conducted by Imperial College London, a better flexible energy system supported by smart meters can save the UK between £17 billion and £40 billion by 2050. Moreover, smart meters can help consumers to increase demand during times of high supplies and low prices through ‘time of use’ tariffs. In spite of charging with the same flat rates, these tariffs deliver lower unit price during off-peak time and higher prices at peak times. Commodity Inside also expects that smart meters will play a pivotal in the success in the advancement of energy grids.
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