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Public may end up paying for obsolete smart meters that save little

Published: September 11, 2014
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Source: The Guardian

The government's £11bn roll-out of smart gas and electricity meters will cost every home about £215 over the next 15 years – yet households will save at most just 3% a year on the average energy bill by 2030, MPs have warned.

Householders would save an average of just 2% on the typical annual bill of £1,328 until 2020, rising to £43 a year or 3% by 2030, the influential public accounts select committee said.

It said the Department of Energy & Climate Change had estimated the cost of the programme to install smart meters at £10.6bn, with households contributing through their energy bills.

The average impact on bills of the suppliers' net costs was expected to peak at £11 a year in 2017. The £215 represents the capital cost of installing the equipment, which will be borne by consumers between 2015 and 2030.

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