Smart Meters- An edge over the technology of tracking data of electricity and gas bills

December 2022

When everything in the world turns smart, from a smart TV to a smartwatch to a smart weighing scale, why does one leave the invention of smart gas, water, and electricity meters out of the race? This is the thought that gave birth to the smart meters industry. Our mistakes make us wiser in terms of both knowledge and technology.

It might have happened often with us that our electricity bill soared high like anything in one particular month. We wondered if the reason could be incorrect meter reading data or if we had missed paying the bill till the last date as we did not ascertain the meter reading correctly and had to pay extra money as a penalty. Our bills were higher than expected, and we were annoyed. This situation has taken place in almost every household and industry too, which has given rise to innovation in the smart electricity meters market. As the name derives, a smart meter is smart enough to automatically read the meter readings, track the usage of our electricity, water, and gas consumption, and send the meter reading to the supplier to cover the drawback of estimated bills. These features are the reason that the smart meters industry is growing fast. An Upper Hand of Smart Meter Device 1) Records the Actual Energy Usage –

Unlike the traditional meter, a smart meter simultaneously calculates the energy usage, and a bill is generated per the actual power consumption, in turn gaining popularity for the smart meters industry. Consumer benefit: With this smart meter device, the consumer need not wait for the energy supplier to come and read the meter reading in their offices and homes, nor do they have to submit it to them. Supplier benefits: A lower workforce is required to go to the field to read the meter readings.

2) A Precise Bill Amount - The smart meters automatically send the detail of the running unit to the supplier as per the pre-scheduled time of the month. Consumer benefit: Consumers do not have to shed extra money on unused energy. Supplier: Builds more trust and reliability.

3) Cost Cutting Management:

It is often seen that more energy gets wasted than used due to improper use. Consumer: When a constant eye is kept on the meter reading instead of thinking to control consumption for the following month, immediate action can be taken to save energy. Country benefit: A penny saved in each energy consumption would lead to big energy consumption savings for the entire nation.

4) Ease of Top-up and Credit Balance - Any extra payment is made, or if one has to top up the amount, it can easily be done through a local store or app-based guidance. Customer benefit: Escape from long queues in the offices. When a win-win situation occurs for all the parties, consumers, sellers, and the nation, the implementation gets easy. Hence, the smart meters industry growth chart will undoubtedly scale up in the future. Way to Get a Smart Meter at Your Doorstep The advantages of smart meters have made a push in the UK to install smart meters in every house by 2025 at no extra cost. The consumer has to contact the supplier with a suitable date and time, and after a telephone or email confirmation, the smart meters will be fitted at their place. In this way, the energy crunch that has been in focus in the global smart meters industry will come to a point where it can be controlled. Smart meters will be the future for water, gas, and electricity in all houses and offices worldwide. The smart meters industry is projected to reach USD 65 billion by 2030 at a CAGR of 11% from 2022 to 2030. Analog and manual reading are out of fashion now. Adapting to smart meters like smart gas meters, smart water meters, or smart electricity meters is the new trend that saves the three most precious resources effort, money, and energy while maintaining accuracy in the data of the bills. This factor is boosting the smart meters industry heavily.

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