Smart meters are free tools provided by energy suppliers to help keep track of how much energy a building is using. The benefit of a smart meter over a traditional meter is that, as well as accessibly informing of how much energy a building is using, smart meters provide data on the time and cost of energy usage. This allows comparison of current, historical, and seasonal usage. It also negates the need to take manual meter readings. These benefits enable more informed decisions about energy use.
If a building already has a smart meter, a replacement may still need fitting before 2024, because older smart meters may not meet UK Government requirements. Older smart meters are not easily switched between suppliers and in the future may not necessarily allow access to data services such as advanced time of use tariffs. If a smart meter needs upgrading the energy provider will get in contact to either install a new meter or upgrade the smart meter remotely, for free.
Energy Saving Trust, Energy at Home, Guide to Smart Meters. Available from: https://energysavingtrust.org.uk/advice/guide-to-smart-meters/ [Accessed 26th January 2021]