Are Smart Meters More Expensive?

Smart meters have become a common feature in UK homes. However, with the ever-rising cost of electricity, many of us wonder if switching to one will cost us more. Understanding how smart meters work and how they affect your bills is the key to making an informed decision. Whether you're looking to track your energy usage better, save on your electricity costs, or take advantage of new tariff options, knowing exactly what’s involved before making the switch is essential. Let’s get started.

Smart meters work similarly to traditional meters, monitoring how much electricity you use. The primary difference is that you don’t need to read them manually. Instead, they send automatic meter readings to your supplier every half hour via a secure national network and a communication hub that connects the smart meter and your in-home display (IHD).

This allows for more accurate billing since you will be billed for exactly what you use rather than an estimate. This means there will never be overcharges or undercharges followed by surprise bills after the meter is manually read. Your near real-time readings, which you can easily view on your IHD, also allow you to monitor how much energy you use throughout the day.

No, smart meters will not cost you any more than a traditional meter since they cost nothing to run, and your bill is based on precisely how much energy you use. However, you will pay a small amount for the energy used to run your IHD, but this costs less than £2 per year, and offers savings in other ways. Smart meters also should not have any installation fees.

Using a smart meter can actually save you money since you can monitor how much electricity is being used. This is one of the many ways to make your home more energy efficient. 

For example, using a smart meter with a time-of-use tariff, you can save significant money by not using appliances during peak tariffs and running them at night when rates are cheaper. You can use a battery storage system like the EcoFlow Power Ocean (Single-Phase) if you need power during peak tariffs. With 5kW of power, you can run dishwashers, washers, and even dryers with your battery storage during high tariffs and recharge it with solar panels or grid power at night when tariffs are cheaper. To retrofit a solar array with battery storage, use the EcoFlow PowerOcean DC Fit to easily add batteries without changing anything in your current system. 

Smart meters are worth getting, especially since they cost nothing to install. Here are the primary advantages of having one installed.

More Accurate Bills
One of the best advantages is getting more accurate bills, so you pay for exactly the energy you use. This means you won’t ever get surprise bills after the fact if you used more energy than what was estimated. 

Money-Saving Tariffs
Smart meters allow you to access money-saving tariffs, such as off-peak and EV tariffs, and energy savings events, like when there is a surplus of grid energy. These savings can be further maximised when combined with an EcoFlow Home Battery system.

Optimise Your Energy Management
Your IHD allows you to monitor your energy usage in real time, showing your costs to the penny. Then, you can learn how to optimise your energy use and save money, like identifying appliances that are not running efficiently. For instance, check your usage, turn on your dishwasher, and monitor it again. If your usage spikes higher than expected, it could be a sign that you should replace your dishwasher with one with better energy efficiency ratings. 

Using a solar array and battery storage like the EcoFlow Power Ocean (Three-Phase), you can further optimise your energy use with an energy management system. These are installed alongside your home solar system, allowing you to monitor your energy production and use and automatically optimise it to help you save the most money. 

Easier Moves
Another advantage of smart meters is that you won’t have to submit a final reading to your old supplier when you move into a new house. Instead, the readings will be sent automatically; simply let your electricity supplier know when you move out. 

No, smart meters cost nothing to run since they do not use electricity. However, your in-home display will use some power, but it will cost less than £2 per year. That minimal cost is easily offset by the savings you gain by being able to monitor your energy use.

Higher bills should never happen unless you are being billed for actual energy usage rather than an estimated usage that was too low, or if you changed to a higher tariff when you got your new meter. The in-home display uses minimal energy, costing less than £2 per year.

Some people consider smart meters a privacy issue; after all, they track detailed energy usage data. Others worry about potential health effects from wireless signals, though evidence for this is very limited. On a practical front, switching suppliers could be harder if the meter isn’t compatible with your chosen energy supplier.

Smart meters offer a better way to manage your energy usage without adding extra costs. They provide accurate billing, allow you to access cheaper time-of-use and other money-saving tariffs, and help you track exactly where your energy is going. Combining smart meters with battery storage systems like the EcoFlow Power Ocean (Single-Phase) can further optimise energy usage and maximise your savings.