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How do smart meters save money: everything you need to know

Are you looking to save money on your gas or electricity bill? 

For small and medium-sized business owners, every penny counts. For this reason, it&#;s important to find ways to save money where you can. With non-domestic electricity prices increasing 6.5% from to , utilities are an area with potential for significant savings. 

That&#;s where smart meters come into play. Smart meters have a number of benefits for businesses, which can cut overheads and improve efficiency. Here, we&#;ve gathered our top six smart meter benefits, and explained how to best take advantage of these benefits to help your small business save money.  

What is a smart meter? 

Typically, gas and electricity are monitored by a meter, which keeps track of the amount of gas or electricity you use every billing period. The tracked amount is then transmitted to your supplier to ensure you are billed correctly. Standard meters only track on the meter itself, so a utility worker would have to come to your premises to read the output, or you would have to send in the meter read numbers to your supplier yourself. 

A smart meter does the same thing that standard meters do as far as recording utility usage. However, the main difference is that they are entirely electronic. 

The data that the smart meter collects is transmitted over secure wireless networks to a central system that your utility supplier can access, which provides valuable communication with no extra effort on your behalf. This means that your utility supplier always has access to the most up-to-date data, and you can always see exactly what you have spent. 

Now, let's dive deeper into 6 ways how smart meters can save money for you and your business. 

How do smart meters save money for your business? 

1. Better accuracy

When your business is fitted with a&#;smart meter, one of the key benefits is that you will not need to send in readings yourself. This meter continually sends data about your energy usage to the energy company.  

For instance, with a standard meter, you may need to provide your supplier with manual readings every month. Compare that to a smart meter, which automatically submits regular readings to your provider. As a result, you'll be able to track your energy usage much more accurately, with no extra effort on your behalf. 

This can also be beneficial in ensuring that you do not overpay for your energy, since estimated bills are eliminated. With a smart meter, you can log on to your energy supplier&#;s portal or app to see how much gas or electricity you have been using by each meter point.  

You will no longer have to base your monthly overhead on estimates, as with a smart meter you will know exactly how much you are spending each month. Therefore, this can allow you to plan out your expenditure and budget far more accurately. 

2. Improved information

A smart meter, as mentioned, keeps track of your usage, which is useful if you're too busy to send in meter readings yourself, or don&#;t want the hassle of waiting for a meter worker to come out and tell you what the meter says.&#;The data&#;that you're shown via the smart meter will provide you with the information you need to ensure you can cut energy usage in some areas.  

For example, depending on your type of tariff, gas or electricity charges could change depending on the time that the energy is being used. The improved data that you receive from smart meters makes it easier to see when you're using the most energy, and whether that's during on- or off-peak times. This way, you can make slight adjustments that will reduce energy usage during peak hours and help drive your overhead costs down. For example, you could reduce your peak demand electricity usage by running equipment where possible during off-peak times. 

However, even if your energy tariff doesn&#;t change depending on the time of day, this improved information can still help your business save money. For example, you can still work to reduce your demand by conserving energy throughout the day in various ways, such as through ensuring electronics and equipment is turned off when not in use, or through buying energy-efficient equipment.  

No matter what type of tariff you&#;re on, the information provided by smart meters can help you keep track of your usage, which ultimately could reduce your energy consumption, and save money.  

3. Learn and change behaviour 

As we mentioned above, smart meters allow you to see how much energy you're using in near real-time.  

When you're able to see exactly how much energy you're using in relation to the tasks you're doing in your business, it can help you be more conscious of when you're consuming more gas and/or electricity.  

In fact, the Department for Business, Energy and Industrial Strategy (BEIS) found that small businesses will see significant benefits from the smart-meter rollout, such as the estimated £1.5bn realised through energy consumption reductions -.  

This makes it easier to make behavioural and operational adjustments within your business that could help drive your overheads down. 

Behavioural changes

 

Once you've seen your company's utility consumption throughout the day, you could then create some new behavioural changes within. 

For example, you can encourage your employees to turn off their computers instead of leaving them on during lunch. Or you can ask them to turn off the light when leaving an area with no one else left.  

Smart meters allow you to see if these behavioural changes have a significant impact as you can measure the success with data. If not, you can keep testing and tweaking company behaviours until you're happy with your cost-savings. 

Operational changes

Similarly, the granular detail of smart meters enables consumers to pinpoint almost exactly which piece of equipment is using up how much energy. It can also help you pair energy consumption with specific business processes.  

Again, like with behavioural changes, you can test and tweak changes to your business processes. For example, you can experiment with different power settings or even temperature settings for your equipment to see what difference, if any, it makes to your overall usage.  

You can also alter protocol for equipment usage, or try alternative pieces of tech to see if you can drive costs down. The former costs very little (or nothing at all) to implement, so it's a fantastic way to improve business processes. 

4. Set spending goals 

If you have a budget that allocates a certain amount toward utilities, smart meters can help you stay within that amount. Rampant energy usage could negatively impact your budget, so the more control you have, the better.  

Considering you can see how much energy you're using at any time, this allows you have complete&#;management over your spending.  

As well as this, smart meters have the ability to sync up with energy usage apps. So, if your energy supplier has an app, you&#;re able to set budgets and reminders, which can make budgeting and energy management even simpler. 

5. Save time to save money

When running your own business, there&#;s a number of things that you have to manage, and keeping an eye on your utilities can be time-consuming and take you away from your business&#; needs.  

However, with a smart meter, you no longer need to check meter readings or compare estimates to actual readings. The smart meter does all of that for you.  

You are also saved the hassle of going through your bills and accounts looking for better ways to save money. Your smart meter records all the information about your usage and spend and allows you to access it easily through an online portal or app. All the information you need is right at your fingertips. 

Are you interested in learning more about iot energy meter? Contact us today to secure an expert consultation!

That means you can save time for what really matters &#; you and your business.  

6. Lower spending across all sites

Some SMEs have multiple sites, which can make it difficult to manage spending across them all. This is especially true if you have variations between operation hours, equipment, and more.  

But with smart meters, you can create a more uniform business plan and lower spending across all sites. For example, you can use the site with the lowest spending as a benchmark for your other ones.  

In fact, research conducted by the Department for Business, (BEIS) highlights evidence of non-domestic energy consumption reduction, such as a restaurant chain reporting a 6% reduction in energy use over 12 months across all of their restaurants.   

By having reference data and concrete numbers in front of you, you'll have full confidence knowing you can reduce utility costs by modelling all sites after the one with the lowest bills. You can replace both processes and equipment for better efficiency. 

How do I get the most from a business smart meter? 

But remember, smart meters don&#;t save you money just by installing them. They only provide you the real-time data and tools you need to save money. You need to take this information and use it to reduce your electricity usage and spend. 

With almost half of UK consumers seeking more eco-friendly products, every business should be striving to be as environmentally conscious as they can. But it is sometimes difficult to get buy-in from your staff. Smart meters allow you to show the impact of little changes to your staff and get them on board. It also gives you the hard numbers about savings, in case you need to think of cost-effective ways to incentivise behaviour changes.  

So, don&#;t expect the savings to come immediately. It takes time to foster a culture of responsible energy use within a business. But once you have done so, the cost savings could speak for themselves. 

Saving money with business smart meters  

So, how do smart meters save money? By sending real time data to your utility company, smart meters ensure accurate billing and give you a better picture of your company&#;s energy usage. They also provide you with all the information you need to improve efficiency, make savings and foster an energy conscious environment at work. And with smart meter installation at no extra charge, they are a great way to reduce energy usage and save money without increasing costs. 

At Valda Energy, we are dedicated to helping our SME customers take control of their energy usage. Our free smart meter installation means you can have complete control over your energy consumption and spend, and our tailored Valda Energy app allows you to access your energy-use data round the clock, as well as give you all the tools to make energy management much simpler.  

If you want to start saving money with a smart meter, contact us or get a quote today. 

6 Tips for Saving Money and Energy with Smart Home Devices

The path to creating a smart home typically starts as a way to automate tasks and increase control. Take buying a voice assistant, for example. You pick up a Google Home or Amazon Echo, featuring Alexa, just to see what all the fuss is about. Then, you buy a couple of smart plugs for the house, just to give your new assistant something simple to control. Next thing you know, you&#;re researching products and doing math on all of these investments asking yourself, can all these smart home devices really save me money?

In short, yes. Here are six ways that smart technology can make your home both more cost-effective and energy-efficient.

1) Control power use to reduce your electric costs

Convenience aside, smart plugs can be a real game-changer when it comes to cutting costs. You may have heard the term standby power, or even &#;vampire power,&#; in reference to the appliances and chargers we depend on that sap power from our outlets, even when they&#;re not in use. This applies to smartphone chargers and appliances like televisions and microwaves that run on standby mode waiting for their cue to kick into gear. According to ACEEE, the American Council for an Energy-Efficient Economy, the impact of cutting the power to this classification of devices can be significant.

Since a variety of smart outlets, smart plugs, and advanced power strips can automatically detect and regulate energy outputs, they cut power to any devices not actively in use or running on standby mode. &#;Because household plug loads can theoretically include an almost infinite number of electronics and electric devices, the potential for plug load energy savings is substantial&#;up to 50% in some households,&#; according to an ACEEE report on Energy Impacts in Smart Home Technologies.

2) Monitor your meter to flag potential spikes

Go straight to the source and see exactly where, when, and how your power is flowing with a smart energy monitor.

Have you ever been caught off guard by an unexpectedly high energy bill? A smart energy monitor makes that unwelcome surprise a thing of the past. These connected devices can monitor real-time power consumption that you can check on the go using mobile apps. Appliance detection features can help you see what&#;s running and when, as well as how much power is being consumed at any given time. This is a great way to start identifying other energy-saving upgrades that can increase your savings. 

In addition to impacting your overall savings, this information can also help you gain control over general energy usage in your household.

3) Automate your lights for greater energy efficiency

Lighting is often number one on the to-do list for any household in the early stages of smart home transformation.

Smart light bulbs like Philips Hue make upgrading to automation quite literally as easy as screwing in a light bulb. Setup is simple and works with Nest, Alexa, Google Home, Apple HomeKit, and pretty much any other system you have up and running. And because all smart bulbs are LED, the energy savings are already built in. If you&#;d rather keep your current bulbs, that&#;s an easy fix too. Plug your lamps into smart plugs or smart outlets and set your timers and preferences from there. We explore how to take your smart lighting system to a new level through motion sensors and entertainment syncing in Beyond the Bulb: Smart Light Fixtures, Switches, and Accessories.

Setting your lights on a schedule can also help you regulate your family&#;s routine, signaling moments like bedtime, nap time, or when to get up and get ready for the day. Smart lights also help as a security measure against potential burglars who may be assessing whether or not someone is home. For details on how connected devices can help you increase your home&#;s security, automated home security devices offer an added layer of protection.

4) Conserve water and lower your bills

According to the EPA, the average family can waste 180 gallons per week from household leaks.

Smart water-leak sensors help you stay on top of any water loss around your home. This, of course, has the added benefit of keeping your home, possessions, and family safe from any potential flooding or mildew damage. These sensors are also beneficial inside your home, alerting homeowners of things like dripping faucets or cycling toilets. More recently, advances in breakthrough technology from companies like Flo by Moen have made these devices more accessible.

When it comes to cost savings and overall efficiency, smart water heaters play a significant role. By sensing your home&#;s usage patterns, these smart controllers learn when to turn your water heater on and off so that it&#;s only running when you need it. According to the previously mentioned ACEE energy report, this can &#;result in savings of 15% of a home&#;s water-heating energy consumption.&#; 

For homeowners with yards that require regular watering, consider a smart sprinkler controller. This technology can regulate time-of-day usage, automatically stop and start as needed, and make adjustments based on weather. Some advanced versions can even improve your green thumb by setting optimal coverage based on factors like soil condition and plant type.

5) Keep your home&#;s temperature in check

When it comes to smart thermostats, precision is key.

Unless you&#;re blasting your air conditioner or heat when you&#;re not around to enjoy it, upgrading to connected devices like a smart thermostat to control your home&#;s temperature is more about comfort and convenience than savings. Energy saving in this scenario can only be achieved if your heating and cooling options are precisely partitioned based on your space. However, if you are able to control the temperatures for specific rooms, you&#;ll be able to make a big difference in regulating the parts of your home that aren&#;t in need of heating or cooling throughout the day and night.

In any case, a smart thermostat like those from Ecobee or Nest can be a major source of relief in the summer, cooling your space more efficiently by getting the air conditioner prepped prior to your return home. Smart ceiling fans and smart window coverings are two more great ways to keep the heat out and increase savings. Just remember, smart controls are no replacement for ensuring your home has the practical means for optimal temperature regulation, such as proper insulation and tightly sealed windows and doors.

6) Safeguard your smart home automation with fiber internet service

Bear in mind that reliable internet service is key to making sure your smart home is operating safely and efficiently.

One of the best ways to know if your devices are connecting at maximum speed without competing for bandwidth is through a fiber internet service as opposed to traditional cable. In addition to ensuring your smart home devices run effectively, here are 5 reasons you should consider fiber internet service for your home.

Fiber internet uses fiber-optic cables instead of traditional copper wires to transmit a signal. Overall, fiber internet provides quick load times, equally fast download and upload speeds, and high-quality streaming for multiple users and devices. This mix of dependability and speed makes fiber internet service a perfect match for any smart home or aspiring smart home.

From saving money and reducing waste, to general convenience and peace of mind, investing in smart home technology has its perks&#;for you, your family, and the environment. If you&#; have already decided that smart home transformation is right for you, these upgrades will help you stay in control of your home&#;s power usage, and your energy bills.

If you are looking for more details, kindly visit 3 phase power monitor.