Small businesses are missing out on hundreds of millions of pounds in savings by not adopting smart meters more quickly, leading energy firm BES Utilities has calculated. The Government has made smart meters compulsory for both homes and companies by 2020, with energy companies rolling out new installation programmes now.
However, the commercial uptake of the meters is not yet mandatory and the vast majority of the UK’s SMEs still have old fashioned, inaccurate meters. With just an average 2% inaccuracy on bills from non smart meters, the UK’s 5 million SMEs could be saving £250 million if they adopted the new technology. This equates to an average saving for every SME in the country of £50 each.
Joel Chapman, Head of Industry Regulation and Compliance at BES, said, “The main advantage from smart meters is the more accurate readings which they give. With an average energy spend of £2,500 for every SME in the UK it doesn’t take much inaccuracy from the old fashioned meters to add up to a really big saving for the UK’s SMEs. More companies need to adopt the new meters more quickly to save money for themselves and help the environment. This why we offer a free smart meter to all of our customers.”
Smart meters offer multiple benefits to firms, not just in saving money. These include an end to meter readings and the ability to monitor and track energy patterns. The new meters help the environment too by reducing overall spend and boosting awareness of energy consumption. Research from consultancy Oxford Economics predicts smart meters overall could benefit the UK economy by £25.3bn by 2030.
