Smart meters will help consumers save “only 2%” on their annual bills, a committee of MPs warn

Consumers will save, on the average, just around £26 a year (or around 2% of their annual bills) after installing a smart meter, MPs on the Public Accounts Committee (PAC) have argued.

Installing the meters will cost £215 per household, with consumers in 53 million homes being charged an annual amount on their bills to cover the cost, peaking at £11 a year in 2017. And in spite of these sizeable costs, smart meters will save only 2% on energy bills, say MPs.

“Despite consumers footing the bill, they can on average make a saving of only 2% on the average annual bill of £1,328 by the time the roll out is complete,” said Margaret Hodge, the chair of the PAC.

“Even this is conditional on consumers changing their behaviour and cutting their energy use,” she added.

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