Smart Meters: Why Your Business Needs One for 2018

May 09, 2018 | Alexandra Degala

As with any device that has been developed by technology, the smart meter is a vast improvement from the traditional meter. They may sound complicated and unexciting, but smart meters can make monitoring your energy consumption more efficient. We are going to understand the function of smart meters: what are smart meters, what benefits do smart meters offer and their effect on your energy bill.

 

What are smart meters?

Smart meters, next-generation energy meters, are slowly replacing traditional electricity and gas meters. Traditional meters are being replaced because of the government’s initiative. The function of a smart meter is to measure how much energy your business is consuming. An improved version of the traditional meter, smart meters collect data from a remote location thereby removing the need for manual readings. Accurate meter readings are sent to energy suppliers through WiFi, mobile networks or any mobile internet connections.

 

What are the benefits of smart meters to my business?

Upgrading to a smart meter may cost you a little bit but would be worth it in the long run. Here are some reasons why installing a smart meter is advantageous for your business.

  1. Monitor and reduce your consumption. Smart meters allow you to monitor your energy consumption daily, weekly or monthly. With this, you can identify activities that spike up your energy usage.  The efficient monitoring of your energy consumption gives you data and information about your energy usage. It can raise awareness about your energy use and help you target areas where you can cut costs. It is estimated that 20% of a business energy consumption goes to waste. With smart meters, you can optimize your energy efficiency and turn this 20% into savings.

  2. Receive accurate bills. Your meter reading is the basis for your bills. With the use of traditional meters, there is a tendency to overpay or underpay your supplier because manual readings are often inaccurate. Underpaying or overpaying is damaging for the industry. When you overpay, you lose a lot of money, which you could have used to finance other parts of your business. When you underpay, your supplier loses money which can lead them to raise the price of you to pay per unit energy to compensate for the loss.

  3. They can improve the energy industry.  Smart meters will be able to optimize the energy grid. They can provide suppliers with data about the energy system. This data can further trickle down to energy generators and distributors. Losses in the system can be minimized, and the generation of electricity can be appropriately timed with the demand and need for it.

 

Can I get a smart meter for my small business?

Small businesses, residential homes, industrial businesses, any institution that pays energy bills can avail of a smart meter.  It is highly recommended that businesses shift to smart meters so they can start reaping the benefits it offers.

 


Smart meters can help you switch between suppliers more quickly. It will also make way for new tariffs and services that are tailored to reduce your energy expenses. At WeCompete Energy we are focused on providing your business with the best energy deals and any strategy that can minimize your energy cost. For more information, you can contact us at +1 (844) 937-7737 or contact@wecompeteenergy.com.