Are smart meters a smart idea? In a recent review completed by Compare the market, approximately only one in six energy deals are available for house which currently hold a smart meter.
The research discovered that owners of a smart meter have a very limited range of tariffs for switching suppliers, also the average tariff that is available for them is currently £18 more expensive per annum.
Homes currently without smart meters have more opportunities to choose tariffs for £1,071 per annum. Meanwhile the average switchable dual fuel tariff price per year, for those with smart meters still stands at a higher cost of £1,089.
In addition to these recent findings, the study also estimates there are roughly 4.5 million households currently using smart meters that turned ‘dump’, displaying energy readings but not having the ability to communicate with the network.
Peter Earl, Head of Energy at Compare The Market stated “The industry should be encouraging people who haven’t yet made the switch, but this does not seem to be the case with tariff variety and pricing.”
“There needs to be more incentives to encourage people to switch, including competitive pricing.”