According to a new report released by the Department for Business, Energy and Industrial Strategy (BEIS) the number of smart and advanced meters in use across the UK reached 15.6 million in the third quarter of 2019.

Installation rate still behind schedule

The number means that quarter-on-quarter the number of meters installed and in use increase by 4.1% and highlights that 28% of domestic meters in the UK are now using smart meters. This represents a 5.9% increase in installation rates from the previous quarter and the 11th consecutive quarter where more than one million displays were installed.

The report also shows that 38% of businesses are now operating smart meters, although there were 6.4% fewer installed by large energy suppliers when compared in the second quarter of the year.

Despite the increase in the number of Smart Meters installed the figure in use is still far behind the government’s commitment to providing them to every small business and home by the end of 2020. Over the summer this deadline was pushed back to 2024 with the installation target lowered to 85%.

Some in the industry believe that even that figure will not be achieved due to the current installation rates and that the 85% target won’t realistically be achieved until 2028.

“Despite a small uplift in the number of smart meters in operation, the current installation rate is still way off the mark if the 2024 target is to be achieved. If installations carry on at the current pace, we estimate that we won’t see a smart meter in 85% of homes until at least 2028- four years past the revised deadline. The roll-out of smart meters has been riddled with problems from day one, including meters losing their smart functionality when a user switches supplier. With 3.1 million ‘smart’ meters known to be operating in ‘dumb’ mode, the public could be forgiven for being cynical about the benefits of these devices which, in theory, should provide more efficient and affordable energy,” said Peter Earl, head of energy at comparethemarket.com.

The Consumer Benefits of Smart Meters

For consumers still unsure about whether to get a Smart meter there are a few key benefits.

• They measure how much gas and electricity you’re using, as we as what it’s costing you and displays your usage on an easy to understand display.

• You no longer have to take meter readings which eliminates the risk of sending erroneous figures to the supplier.

• A Smart meter automatically sends your usage to your supplier, ensuring that your bills will be accurate and not estimated.

Energy Suppliers and Smart Meters

The pressure is on for energy suppliers to pick up the pace on installing Smart meters with OFGEM penalising suppliers who fail to install enough. It’s not just small suppliers under pressure either, with many of the Big Six being fined heavily for missing their targets.

Energy suppliers have the challenge of convincing homeowners to have Smart Meters installed. In this age of cybersecurity threats, there is some concern in the cybersecurity community over how secure the meters are from online threats. IoT risks are ever-increasing with hackers and cybercriminals taking advantage of the rapid rise in the usage of such devices. As a result, some consumers are not convinced by or are suspicious of them and can/do block installations from happening.

With energy consumption and climate change being a key talking point in the upcoming general election a new government will likely continue to push for more Smart Meters being installed.

For Further Reading –

How to sell the benefits of Smart Meters to Consumers

What Today’s Smart Energy Customers Want

Energy Price Forecast 2021: Covid-19, Brexit and much more

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