1. Reduced energy consumption
Smart meters allow you to see exactly how much energy you’re using in real time, and which appliances are using the most electricity, via an in-home display unit, smartphone or tablet. This means you'll have way more information and insight into your energy usage throughout the day, which should help you to reduce your consumption.
2. Lower carbon footprint
Improved energy efficiency and reduced consumption is not only good for your pocket; it’s good for the environment too!
The less energy you use, the happier Mother Nature will be!
3. No more estimated bills
You might be one of the many Irish energy customers who regularly receives estimated bills, which are based on the average consumption for a home the same size as yours.
ESB Networks usually attempts to send an engineer to read your electricity meter four times a year, but this often isn’t possible (due to nobody being home at the time of the call-out, for example), making an estimate necessary.
Smart meters remove the need for estimated bills as they have a two-way communication system, which means both you and your supplier have constant access to your usage levels.
This means you'll only be billed for what you've used going forward.
4. Better information on your energy bills
Your monthly or bi-monthly electricity bills will also become 'smart' too.
Your bills will be able to provide you with lots of invaluable information on your energy consumption, year-on-year comparisons of your energy usage, helpful graphs, as well as hints and tips to help you manage your energy better.
5. Better customer service
The new smart meters will also allow ESB Networks to find and fix faults quicker.
Moving house should be less hassle too as suppliers will essentially hold the ‘master’ keys to your smart meter and will have the ability to switch your electricity supply on and off. This will be helpful to you if you’re moving house or going away for a decent stretch, again ensuring that you don't pay for electricity that you're not intentionally using.
6. More options for prepay customers
If you’re a prepay electricity customer, there are particular benefits for you.
Your energy supplier may be able to offer you new and more flexible ways of topping up your meter that mean you don’t have to visit a shop. You’ll also be able to see your balance on your in-home display unit, so you won’t unknowingly run out of credit, and in the future you should be able to set your meter to automatically top up, so you won’t be left without power if you run out of credit at night or when the shops are shut.
7. More tariff options
‘Time-of-use’ tariffs or smart tariffs will also be introduced with smart meters to encourage you to move your usage to times with lower unit rates. This will help you to make further savings and help suppliers better balance their energy generation.
Back in 2009, around 8,000 gas and electricity smart meters were installed around Ireland as part of a trial to test their effectiveness.
The results showed that households were able to reduce their consumption by up to 3% on average, but in some cases reductions of as much as 8.8% were recorded.
So, if the trial is anything to go by, you should be able to save money with a smart meter and the CRU says that all households should be able to save about €20 to €30 a year through reducing their energy consumption alone.
However, by signing up to a time-of-use tariff and switching some of your energy usage to different times of the day, you could save even more.
The rollout of smart meters began in counties Cork, Laois and Kildare in late 2019 and expanded to parts of Dublin and Meath at the beginning of 2020.
It will continue on a phased basis until 2024 by which time every home, farm and business in Ireland should have a new meter installed.
At the moment around 250,000 meters have already been replaced and approximately 500,000 more will be installed every year over the next four years.
The focus will be on older meters first however customers can apply to ESB Networks or their electricity supplier for a prioritised installation. You’ll need to quote your 11 digit MPRN number when doing so. This can be found on your electricity bill and always starts with ’10’.
There are some things you can do in the meantime to improve your energy efficiency and make some great savings.
Firstly, you could get an electricity appliance monitor like the Owl monitor. This will cost you about €50 and, by showing you which items in your house are costing you the most, it will likely pay for itself in a matter of months.
You could also get a NightSaver Meter. This will allow you to make some nice savings if you move a portion of your energy usage to night time, when rates are lower.
Finally, you can switch energy supplier right here on bonkers.ie. It's quick and easy to switch and only takes minutes and will save you hundreds on your annual bills.