While the cost of living is increasing, energy prices are constantly changing. A smart meter will provide information to help regain control of those annual electricity costs. However, many households across Australia do not yet have access to these digital meters. This article will explain the intricacies of smart meters, how to organise installation of a smart meter and whether smart reader readings are accurate.
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How to organise a smart meter installation
- Contact energy providers: Find the most competitive price and whether they are available near you
- Ask about the costs involved: Find out if there are any installation fees or ongoing expenses
- Book a date and time: Organise an installation date to replace an existing meter or install a new smart meter
- Provide safe access for installation: Make sure your energy retailer can safely install your smart meter at the premises.
The availability of smart meters tends to vary between states and energy retailers. However, since December 2017 smart meters have been rolled out for any new meter installations or replacements.
The main factors that will determine eligibility for a smart meter are:
- Whether the energy provider offers smart meters with an electricity plan
- Whether smart meters have been widely rolled out in your area
- Whether your existing meter is damaged or faulty and in need of replacement
- Whether your home is a newly built property
- Whether a property is hindered by unsafe wiring or hazardous materials.
Compare electricity prices
Don’t have a smart meter but want to compare the latest energy deals and prices? Below are the current prices suitable for single rate tariff users and those who pay for energy without peak or off-peak prices.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Ausgrid network in Sydney but prices may vary depending on your circumstances. This comparison assumes general energy usage of 3911kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Citipower network in Melbourne but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4000kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the Energex network in Brisbane but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4613kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Here are some of the cheapest published deals from the retailers on our database that include a link to the retailer’s website for further details. These are products from referral partners†. These costs are based on the SA Power network in Adelaide but prices may vary depending on your circumstances. This comparison assumes general energy usage of 4011kWh/year for a residential customer on a single rate tariff. Please use our comparison tool for a specific comparison in your area. Our database may not cover all deals in your area. As always, check all details of any plan directly with the retailer before making a purchase decision.
Smart meter installation costs
It’s important to enquire with each energy provider as to how they charge for smart meters, as well as any ongoing expenses associated with the device. Some electricity retailers will wear the upfront costs of a smart meter – including installation – then add a lump sum to the next energy bill or over a few billing periods. Other energy retailers may offer free smart meter installation as part of a deal or promotion, but be wary of hidden costs. For example, while the energy retailer may waive installation costs, they could then increase their usage rates instead. That’s why it’s vital to always read the contract’s fine print.
Please note that each electricity provider will charge differently and will also charge differently depending on location of service.
What does a smart meter do?
Also known as a digital or advanced meter, a smart meter records your household’s electricity usage in 30-minute intervals by using real-time technology. Smart meters send this data wirelessly to your energy retailer, allowing you to receive constant updates of your energy consumption, which can be useful in monitoring usage habits to help save money on power bills.
Customers with a smart meter also have more options when choosing a type of electricity plan. With a smart meter, you can choose between a time of use tariff or a single rate tariff, both of which have advantages and disadvantages. However, if you don’t have a smart meter, you can’t choose a time of use electricity plan, which means you won’t be able to tap into cheaper energy rates during the less busy periods of the day, otherwise referred to as off-peak and shoulder rates.
Are smart meter readings accurate?
Unlike conventional meter readings where a contractor would physically record your energy consumption, smart meters send real-time data to your electricity and gas retailer for an accurate reading. In fact, most smart meters send recordings of your usage data every half hour, meaning you have access to constantly updated information.
Smart meters are comparable to internet banking. Before internet banking, accessing bank account information was only possible via physically attending the bank or calling a teller. With the arrival of banking apps and the internet, customers can log-in to their account from smartphones, tablets or computers. This is essentially what smart meter technology has achieved with energy – it has given the convenience of monitoring overheads within the comfort of home.
While there are no guarantees a smart meter will save money on energy, it can help identify where and when electricity usage is at its peak. Much like online banking, being able to see live data of energy usage can help to keep electricity users more accountable, particularly those trying to save.
How long does it take to receive a smart meter?
For residents of New South Wales, Queensland, South Australia and the ACT, expect around 10 business days for new meter connections, and 20 business days for a meter replacement, including solar. In Victoria, your energy distributor is responsible for any upgrades to your meter, so it’s best to get in contact.
Should I have a smart meter installed?
In Australia, smart meters are required for all new property connections, or if an existing meter is faulty and needs to be replaced. Aside from mandatory installations, there are many benefits of switching to a smart meter, including:
- To take advantage of off-peak electricity rates on a flexible pricing tariff
- To receive live usage information and monitor energy consumption
- To connect or disconnect remotely from an app (depending on energy provider)
- To measure electricity usage being exported by solar systems.
Picture credits: Alexander Kirch/Shutterstock.com, Victorian Energy Saver, SpeedKingz/Shutterstock.com
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