Smart metering technologies will entirely revolutionize how metering works. They give consumers more customized and useful information about how they employ the energy and allow them to decrease their usage and thus save money.
Smart meters have multiple advantages over traditional metering technology; customers can remotely have information related to energy costs and carbon emissions based on historical data. In addition, energy utilization of domestic gas, electrical, and water equipment can be shown on a display or the appliances. It also enables users to control electrical devices in auto mode.
Smart metering has proven to be a tool that encourages customers to manage their consumption better and mitigate usage leading to better service levels through improved billing information. Additionally, it acts as a key weapon in the fight against climate change, helping governments implement energy market liberalization. For example, the U.K. government is expected to extend its 2020 smart meter target if people can gradually benefit from this new initiative.
Britain would turn out over 50 million new smart meters to 30 million homes and businesses between 2014 and 2019, declared the U.K. Parliament. U.S. electronic utilities have established more than 8 million smart meters with 60 million and are expected to complete their deployment as early as 2020. It is more possible that the shift to adapt to smart meters will enhance relationships between energy suppliers and customers.
Smart meters will help define energy consumption patterns over time, enabling the industry to develop multiple tariffs. Smart metering technology is now used in water, gas, and heat reading devices. It also helps extend the energy market and acts as a key factor in revenue protection. In addition, it permits communication between the meter and the central system in both directions. Indifference to home energy monitoring, smart meters can gather remote reporting information.
Leveraging the most recent control and communication technologies, the peak loads can be reduced, which can help reduce the amount of energy supplied. This further helps to decrease unnecessary consumption of power and control CO2 emissions. Additionally, smart meters will play a significant role in integrating renewable energy sources such as solar panels and windmills.
