What Are the Benefits of Having A Smart Meter?

The number of smart meters used within Australia is steadily growing, with federal legislation now mandating that smart meters be used for all new installations or replacements. But what are the benefits of having a smart meter? Can they really save you money? And will they make it easier or harder to manage your power usage?

Smart meters actually come with a whole host of benefits, including:

  • Better deals on pricing: Because a smart meter provides automatic readings every half an hour, many energy retailers offer flexible pricing plans for properties with smart meters installed. This means that you can save on power costs just by changing your energy usage habits.
  • Track your energy usage: Many electricity retailers offer their customers access to real-time energy consumption tracking via an online portal, app or in-home display unit. Monitoring energy use has been proven to effectively reduce power bills.
  • Set up energy reminders: Have you ever received an automatic SMS advising that you’ve already used up half your data for the month? Well, with a smart meter you can set similar alerts regarding your energy usage, so you won’t have to worry about bill shock.
  • Automatic readings: Traditionally, reading a meter required someone to physically visit your property. If they were unable to gain access, then you would get an “estimated” reading (which often seemed unusually high). This is no longer an issue with smart meters since they send automatic readings.
  • Power outage recognition: If the electricity goes out in your home, a smart meter will send an immediate alert to your energy distributor. This allows for repair teams to get started on fixing the problem as soon as possible, with no unnecessary delays.
  • Notifications regarding outages: There’s nothing more frustrating than when the power goes out and you have no idea when it’s likely to come back on. With a smart meter, customers (in certain states) have the option of registering for SMS updates when their property is affected by a power outage.
  • Save money when you move house: Smart meters have made it possible for the power supply to be turned on and off remotely, so you no longer have to pay costly connection fees when moving house. Most retailers have now lowered these fees to less than $10 for smart meter customers.
  • Track your solar usage patterns: If you have solar panels installed then a smart meter will make it easier for you to keep track of how much solar power you’re using in comparison to mains electricity. As a result, you can adjust your energy consumption patterns to make the most of the free power you’re generating from the sun.
  • Easier to change to a new energy provider: With smart meters, switching to a new retailer has never been easier. If you’re interested in switching retailers, then why not do an energy retailer comparison check? It’s simple, free and could end up saving you a lot of money off your energy bills.

 

 

Author: Claire Stapley
Claire Stapley is ElectricityComparison.com.au's Energy Editor, based in Melbourne Australia. Claire is a founding member of ElectricityComparison.com.au News and Energy Team.