What are the benefits of smart meters for retail businesses?

Here are four key areas where smart meters can really make a difference.

1. Transparency

Running a small business is tough enough without nasty surprises that impact your bottom line. At every step, it’s a good idea to agree on deals with suppliers that are clear and understandable.

While your energy bill is liable to change, regardless of who your provider is, smart meters can provide a level of predictability when it comes to costs.

Not only are your bills calculated automatically, eliminating the need for an engineer to visit and read the meter, but certain energy providers will give you the option to have an in-home display (IHD), which shows your gas and electricity usage breakdown. This doesn’t come as standard, so it’s worth speaking to your provider about what is available.

Upon reviewing your expenses, energy is one area in your business where knowing exactly what you must pay is a big support.

2. Control costs

Unexpected costs can be troublesome for any business, and many have been forced to close their doors permanently because of unanticipated costs that forced them to navigate challenges.

A smart meter won’t reduce your outgoings automatically, but if you can procure an IHD-equipped meter detailing your costs, you can take greater ownership of your business’ energy bill.

Not only can they make your bills more predictable, but having the information at your fingertips allows you to take action if you discover areas of waste within your business. They enable you to identify wasteful machinery and usage patterns and shift to systems that lower the impact on your business.

3. Protect the environment

Whilst the main benefit to businesses is in the power to control costs, there is also an additional benefit in reducing your carbon footprint. With the data, your smart meter collects you could review not only the impact of energy use on your business's bottom line but also do your bit to help the environment.

More generally, smart meters are the foundation of a smarter and more flexible energy system for Great Britain. A smart energy system uses digital technology and data to improve its efficiency.

This helps the energy system better manage the supply and demand of energy in order to reduce waste. It will also be able to integrate more renewables into the system. The rollout of smart meters is estimated to lead to £1.5bn of energy savings*, with future demands for electricity set to increase, it has never been more important to upgrade Britain’s energy system to one that is more sustainable and less reliant on non-renewable fuel sources.

4. Focus on your customers

Scheduling a meter installation is a small job, in comparison to sending meter readings via your traditional gas or electricity meter. Especially when it’s mixed in with all the other little jobs that fill your day as a retail business owner. This may include waiting for an engineer, showing them the meter and waiting until they’re finished.

A smart meter eliminates the need for any of this, meaning you can devote more time to your customers.

Get a smart meter

Installing a smart meter won’t achieve these goals on its own, but with their support, you have more time to focus on your business.

With a smart meter, your energy readings will be sent directly to your supplier, bringing an end to estimated bills. If you don’t have one already, there’s never been a better time to book an installation.

Not sure if you're ready? Read more here

For more information about the benefits of smart meters or to arrange an installation visit the Smart Energy GB website.

*Eligibility may vary, your energy supplier or broker can provide more information.