A smart meter will give both you and your energy company regular and accurate updates on how much gas and electricity you use.

You can use a smart meter to negotiate better deals from your provider and manage your energy use in real-time. Below, we'll explain more about business smart meters and the benefits associated with them.

What Is A Smart Meter?

Like conventional electricity and gas meters, smart meters measure your energy usage. The chief difference is that this information is automatically sent to your supplier over wireless networks.

Your smart meter will come with a display, which details your energy usage in real-time, and how much it is costing. This information will enable you to control your use of energy effectively.

How Can Installing A Smart Meter Benefit Your Business?

There are lots of benefits associated with smart meters for business premises. This includes the following:

Energy usage data in real-time

There is only one place to begin, and this is with the fact that you are going to get real-time information regarding exactly how much energy your business is using.

Being able to take live meter readings, which show you your current usage and the cost, enables you to manage your use of energy much more effectively. If you notice you're using more energy than usual, you can explore this to ensure your monthly bill doesn't end up being too expensive.

Perhaps there is an issue with one of your machines that is causing your energy use to spike? You will be able to act quickly so that your energy costs don't end up being too high.

More accurate energy bills

Another benefit associated with having a business smart meter fitted is that your energy bills will be more accurate.

Rather than paying a figure based on estimated energy use, your energy supplier will bill you based on how much energy your business is actually using.

The benefit of this is two-fold. Firstly, you won't end up paying for way more energy than you are using.

Secondly, if you don't have access to business smart meter data, you may be paying an amount much lower than what you truly owe. This can result in a massive balloon payment at the end of your contract, which is the last thing any business wants.

Get better deals from your provider

Another reason to get a smart meter at your business is that you will be able to negotiate better energy deals with your current provider and other energy companies too.

As you have accurate information about your energy consumption, it puts you in the best position to save money by negotiating a deal that makes sense for your business based on your current usage.

How Much Will A Smart Meter Help You Save?

Unfortunately, it is impossible to say how much money you will save with a new smart meter. This is because there are a lot of different variables that are at play here.

This includes the following:

The amount of business energy you currently use - If your business uses a substantial amount of energy right now, there is going to be greater potential for you to lower your expenditure with accurate readings.

How energy efficient your business is at present - Smart meters encourage energy-saving activities. The more inefficient your business is right now, the greater your savings are going to be.

How much you're overpaying at present - It's likely you are receiving estimated bills at the moment. If you are paying too much, switching to a small business smart meter will save you money without even changing your energy habits.

As you can see, there are a lot of different factors that influence how much money you can save by getting a smart meter at your business. However, the potential to save is huge, and there are lots of different ways you can go about cutting costs at your business.

How To Get A Smart Meter Installed

Considering all of the benefits mentioned above, you may be wondering how to install smart meters on your business premises. The current smart meter initiative in the UK means that all providers need to offer gas and electricity meters to every small business and home in the country.

Therefore, you should be offered a smart meter as part of the current smart meter rollout.

However, you do not have to wait until you are contacted about this. You can get in touch with your energy supplier now and ask them to install a smart meter at your business as soon as possible.

You may be wondering whether or not your business qualifies for a free smart meter. As per the terms of the current government programme, energy companies need to install smart meters at gas sites whereby the yearly consumption does not exceed 732 MWh per annum.

In terms of electricity, smart meters should be installed at all electricity sites that fall into profile classes 1, 2, 3, or 4. This does include the vast majority of non-domestic customers.

It does not cost anything to have an electricity and gas smart meter fitted. Plus, the smart meter installation needs to conform to the Smart Metering Installation Code of Practice (SMICoP), which has been approved by Ofgem.

This code was created to make sure that high service standards are provided, covering not only installing smart meters but fault resolution and testing as well.

Nevertheless, should your company already have an "advanced" meter that sends remote meter readings to your energy company, the supplier may not need to replace this with a smart meter.

Companies also have the right to reject the offer of a smart meter. If you would prefer, you can also ask for an advanced meter to be installed instead, which will only send data to the supplier.

If your business does not fall into the categories mentioned above and is not eligible for a free smart meter, this does not mean you cannot have one installed at your premises to improve your monthly meter reading process.

Compare Energy Providers At Business Energy UK

As you can see, there are a lot of benefits associated with smart meters for business premises. While business smart meter installation should not cost anything, you may want to consider switching energy suppliers, so that you can move onto a cheaper tariff and make the most cost savings.

Here at Business Energy UK, we make it as easy as possible to find the best energy supplier for you. You can compare energy providers on our website, where you will find all of the information you need to keep your energy bills as low as possible.

Frequently Asked Questions

You do not have to pay to have a smart meter installed at your business, so there is no reason not to benefit from this. Simply contact your energy supplier and enquire. Plus, you may find that you are able to reduce your monthly energy expense with a business smart meter.

The majority of energy suppliers provide smart meters, yet there are a few companies that currently aren't doing so. These companies will need to make the switch soon, however, as all energy customers must be offered a smart meter by 2024, so time is ticking.

It will typically take between 1.5 and 2 hours to have your smart meter installed. However, the time can differ from business to business, and it does depend on where your current meters are situated.