Smart meters are changing all we know about our energy consumption, giving you control of your electricity bills. As well as giving you the power to manage your energy usage, smart metering allows you to have correct meter readings and more accurate bills. With smart metering installed you’ll get complete visibility of your energy usage at your fingertips through an app and online portal.
Smart Meters Explained
Smart meters are power-monitoring devices that replace traditional electricity meters and provide you (and your energy retailer) with near-real-time insight into your energy usage.
What are the Benefits?
Energy Distributor & Retailer Assistance:
They allow energy retailers to analyse consumer energy consumption and offer more efficient products and services to assist in the reduction of usage. They can also help to monitor the quality of your electrical supply and identify the cause of outages quicker.
Real-time Usage Information:
Smart meters provide almost real-time usage information as it regulates data every 30 minutes. This information is accurate and allows customers to understand their usage and adjust accordingly to reduce monthly energy charges.
With the introduction of smart meters into Australian homes, consumers have the ability to detect any wastage and optimise energy consumption. This allows customers to adjust habits in order to lower electricity bills.
Around The World
Under its ‘Smart City’ Initiatives, India seeks to install 130 million meters by 2021. It was made mandatory by the government to install smart infrastructure for consumers who experience monthly electricity consumption of 500 units or more by December 2017, however, this requirement had been updated to those with monthly consumption of about 200 units by the end 2019.
The United States:
In 2009, projects began to introduce smart metering to US consumers, with 9.6 million being installed around the country. By 2014, approximately 16.3 million smart meters were deployed within residential, commercial and industrial sectors. The United States is expected to install approximately 90 million smart meters into homes by 2020.
China is the world’s largest market for electricity infrastructure development and smart grid technologies. The nation is expected to account for over 24 per cent of the global smart grid market at around $96 billion by the end of 2020.