Smart Meters for Businesses

Smart meters help accurately monitor how much energy is used on the premises, by relaying real-time information about what you use and when.

By March 2020, 21.5 million residential properties and 1.3 non-domestic sites had installed a smart metre. This is below the UK government target of 26 million properties, so there is still a significant push from energy suppliers to get this done.

We’ve compiled this guide to point out the benefits of getting a smart meter installed in your business, and how you might go about getting one.

What is a smart meter?

Smart meters monitor your property’s gas and electricity usage at 30-minute intervals and relay the information directly to your energy supplier via internet or phone lines or mobile networks. This means hassle-free, 100% accurate and detailed records of your energy use each day.

There are two main types of smart meters: Smart Meter Equipment Technical Specifications 1 (SMETS 1) and SMETS 2. The latter is more commonly used now when installing for the first time.

How does a smart meter benefit my business?

Smart meters are a great way to stay on top of how much energy you’re using and when, which can be useful for a number of reasons.

• More accurate bills: You never have to worry about bogus bills based on estimates or faffing around with sending readings to your supplier. Your bill will be based on only what you use.
• Reduce your energy: Once you’ve had the smart meter installed you can see when you’re using the most energy. This data can then be used to find more efficient and cost-cutting ways to spread usage throughout the day.
• Tailored service: Your supplier will have an incredibly accurate picture of your daily energy usage, and therefore will be able to offer you a more specific idea of how to cut costs in your business.
• No installation cost: That’s right, installing a smart meter is completely free!

What are the drawbacks of getting a smart meter?

• Compatibility issues: Not all smart meters will be compatible with a new provider if you’re switching from one to the other. It’s always good to check if you need to have a new one installed
• No instant savings: It will take a bit of time to see the savings take effect, because you and your provider have to sit with and analyse the usage data before deciding and implementing steps to even out your usage.
• Data privacy: Some customers express concern about who their data is being shared with. However, all energy providers to provide an opt out clause, where you can clearly state that your data is not shared with any third parties.

What’s the difference between a smart meter and half hourly meter?

Smart meters and half hourly meters both do the same thing, just with slightly different hardware. Half hourly meters are also only for businesses with particularly high electricity demands, such as factories and processing plants.

How do I switch to a business smart meter?

If you’re interested in switching to a smart meter plan, then just contact your energy provider.

Most business energy contracts last between one and three years, making it difficult to opt out early. They do, however, often have a “switching window” of between 30 days and four months, in which you can change providers without incurring fees. It’s important you check with your provider how long you have left on your current contract before thinking about moving to a new one.

Once you know where you stand, use our handy business energy comparison tool to find the best deal to suit your business’ needs. You’ll need to make sure you have the following information at hand to proceed with the quote:

• Location of your current business premises
• The name of your current supplier
• Your current supply type and your meter numbers. These can be found on your most recent bill or on the actual meter, under MPAN (meter point administration number) and MPRN (meter point registration number).

Once you’ve selected the best deal for you, we will take care of the switch and then your new supplier will install your smart meter as soon as possible. It’s really that simple!