Smart metering technologies will completely revolutionize how metering works. They provide more customized and useful information to consumers about how they utilize energy and allow them to reduce their usage and thus save money.
Smart meters have various advantages over traditional metering technology; customers can have the information related to energy costs and carbon emissions remotely based on the historical data. Energy utilization of domestic gas, electrical, and water equipment can be shown on display or the appliances. It also enables users to control electrical appliances on auto mode.
Smart metering has proven to be the tool that encourages customers to manage their consumption better and reduce usage leading to better service levels through improved billing information. Also, it acts as a key weapon in the fight against climate change, helping governments to implement energy market liberalization. The UK government is expected to extend its 2020 smart meter target if people can gradually have benefits of this new initiative.
Britain would roll out over 50 million new smart meters to 30 million homes and businesses in the country between 2014 and 2019, claims the U.K. Parliament. U.S. electrical utilities have installed more than eight million smart meters with 60 million and are expected to have their full deployment as early as by 2020. It is more likely that the shift to adapt for smart meters will enhance relationships between energy suppliers and the customers. Smart meters will help to define patterns of energy consumption over time, enabling the industry to develop multiple tariffs
Smart metering technology is now being used in water, gas, and heat reading devices. It also helps to develop the energy market and acts as a key factor in revenue protection. It allows communication between the meter and the central system in both directions. In contrast to home energy monitoring, smart meters can collect remote reporting information.
Leveraging the latest control and communication technologies, the peak loads can be reduced, and this can help achieve a reduction in the amount of energy supplied. This further helps to reduce unnecessary consumption of energy and control CO2 emissions. Also, smart meters will play an important role in the effective integration of renewable sources of energy such as solar panels and windmills.