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What is the cost of SMETS2 Meter?

  • 22 March 2019
  • 7 replies
  • 489 views

Can you please tell me the cost of the latest smart meter (not the cost of installation) for dual fuels?
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Best answer by Eva_OVO 2 April 2019, 11:55

You're not charged any extra to have smart meters, @GSM, your tariff isn't modified either.

All customers pay the same tariff rates regardless of whether they have smart or traditional meters.
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Userlevel 6
Badge +4
Hey @GSM,

I'm not sure what you mean. There's no cost to the customer in getting a smart meter (either SMETS1 or SMETS2) installed.

Cheers
I mean what is the cost of a smart meter?
I am given to understand that they are in excess of £400.
I am not interested in installation cost
Over what period of time is the cost of dual fuel smart meter(s) recovered from my account ?
Thank you.
Userlevel 6
Badge +4
Hi @GSM - We don't take anything from your account to recover the cost of installing a smart meter, and your tariff unit rates and standing charges stay the same.
With respect, I have not asked the cost of installation but the cost of the meter itself and over what period will this be recovered

Having read the following well circulated post:

"With the cost per household of the project estimated at £420, it will take decades for smart meters to provide savings to households"

Thank you.
To assist, the following is copied from the consumer organisation wrbsite " Which"

"Estimated cost While there will be no upfront charge to customers being transferred to a smart meter, everyone is paying for the smart meter roll-out through their energy bills. The cost of installing the smart meters is estimated at £11bn. Energy companies are meant to pass on cost savings to customers but there are concerns about the extent to which they'll do this"
Userlevel 5
You're not charged any extra to have smart meters, @GSM, your tariff isn't modified either.

All customers pay the same tariff rates regardless of whether they have smart or traditional meters.
Userlevel 7
Badge +3
Ah, I think I understand what you're getting at @GSM

You are correct that, in the final analysis, the up-front cost of your Smart Meter(s) and Installation are paid for through your energy bills. However, this is done over a number of years, and is monitored by Ofgem. I don't know what the Ofgem guideline is, but if a £400 meter cost is spread over six years (for example), then the "increase" in bills is going to be about 5% for the average household.

On the plus-side, those with Smart Meters will be able to opt for variable half-hour pricing for electricity. This strategy is called Demand Side Response. It isn't yet available as a tariff, but is implemented within the Regulatory Framework.

So instead of using lots of electricity during the early-evening peak period, you could decide to run devices like washing-machines and tumble driers during the middle of the day when there's a higher proportion of solar power available.

How far does this go towards answering your question?

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