Will a smart meter save me money? Here’s how they work

Older devices are being enrolled onto a national network which will allow users to switch, but this is taking longer than initially planned.

Meanwhile, some energy firms have continued to install these outdated devices against the regulator’s orders. Energy firms were supposed to stop installing these meters – known as “Smets 1” – in March 2019, in favour of an updated version, Smets 2, which allows switching without losing any functionality.

Despite this, energy firms continued to install some 57,499 outdated meters in the six months to March, according to auto-switching site Switchcraft.

Household bills can be cut by as much as £300 a year by switching supplier, according to the Money Advice Service, which those with a Smets 1 meter could miss out on for some time.

Reader Service: Learn more about electricity and gas prices

Would you get a smart meter if it could save you money? Tell us in the comments section below 

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