28th September 2012 | Posted by: Daniel Birkett | Industry News

According to a report backed by British Gas, smart meters could save the UK £14bn by 2030, Business green has reported. The study also found that SMEs could save £800 on their annual commercial energy bills by installing a smart meter. The government is intending to replace more than 53 million gas and electricity meters with smart meters by 2019 - in both commercial and residential properties. The installation of these meters will allow consumers to receive more accurate bills and help them monitor and reduce the level of energy they use. British Gas has said that a 'typical SME' could save 4.3% on its annual electricity bill and 4.7% on its gas bill by having a smart meter installed. This equates to an average annual saving £230. What's more, businesses receiving 'efficiency advice' based on smart meter data could increase these savings considerably - saving between £390 and £800 respectively off a typical bill. The report works out that overall, consumer energy savings could top £11bn and a reduction in electricity demand as a result of smart meters could save a further £3.2bn.