Managing electricity usage as a small and medium sized enterprise (SME) can often be time-consuming and overwhelming. With a variety of factors influencing energy bills, it’s important to be able to monitor and control electricity consumption efficiently.

That’s where smart meters come in. So, what exactly are they, and how do they work?

What are smart meters?

Smart meters are devices installed at your business premises to digitally monitor and record electricity consumption in real time through the device’s two-way communication system1. It records data in 30-minute intervals allowing for more accurate energy monitoring [1], in comparison to traditional basic meters, that only record your total electricity usage in quarterly reports.

Smart meters are now the standard replacement for traditional basic meters across Australia. This means that all new properties and premises, as well as any replacements in existing properties, could highly benefit by installing a smart meter.

With more consistent and accurate data, you can analyse your business energy usage habits through an online portal and gain valuable data-driven insights to optimise energy consumption. This helps SMEs make informed decisions about operational and capital investments, leading to improved financial planning.

What does a smart meter do?

A smart meter helps manage energy demand more efficiently by identifying peak usage times1. It generates detailed usage reports, reducing the risks of billing errors and providing a clearer picture of your business energy consumption patterns. These reports and an overview of your electricity usage from the smart meter can be accessed on Blue NRG’s My Account platform.

By understanding your business’s energy habits, you can make informed decisions, such as shifting energy-intensive activities to off-peak times to better align with your business operations. This can potentially lead to cost savings and more efficient energy usage.

Additionally, smart meters offer real-time data, allowing you to quickly respond to changes in energy usage and implement energy saving measures promptly. They also support long-term energy management strategies by providing historical data that can be analysed to further optimise energy consumption and support sustainability goals.

Benefits of installing a smart meter

As business operations evolve, it’s important for a business to monitor and control its energy usage to adapt to changing needs. Below are benefits of how smart meters can help:

Real-time monitoring

Smart meters provide real-time, remote meter readings, allowing you to continuously track your business’s electricity usage.

Outage detection

Smart meters can detect electricity outages faster than a traditional meter, sending real-time alerts and expediting the reconnection process [6].

Solar power management

Smart meters not only track energy consumption but also monitor the percentage of electricity generated by solar power compared to the main grid [3]. This makes it easier for you to optimise your energy usage patterns to take advantage of solar generation.

Identify potential savings opportunities

Access to accurate energy usage data and insights into your business’s energy habits allows you to make informed decisions and identify potential savings. By analysing your consumption patterns, you can discover areas where costs can be reduced by adjusting your business operations to capitalise on potentially cheaper off-peak energy rates, if applicable [3].

Do I need a smart meter?

The Australian Energy Market Commission (AEMC) has recommended that 100% of ‘small customers’, which includes residential and small commercial properties, should have smart meters installed by 2030[5]. This initiative aims to support long-term savings on energy costs by providing accurate billing, better energy management and enhanced data for making informed decisions.

There is no requirement to switch to a smart meter if your traditional meter is still operating properly. However, if your current meter is faulty or no longer working, it must be replaced by a smart meter. Additionally, all new electricity meters in new properties across Australia (except in the Northern Territory and Western Australia) must be smart meters [4].

How do I install a smart meter?

To install a smart meter, contact your energy provider. They will provide details on the installation process, associated costs and scheduling. Your provider will arrange for a technician to visit your premises and install the smart meter.
Typically, a smart meter installation or exchange can be completed within 15 to 20 business days from the time of your request. For Blue NRG customers, usually the smart meter installation and exchange from traditional meter to smart meter installation is free of charge (conditions apply). Once your smart meter has been installed, daily metering fees may apply, depending on the state.

During the installation, your access to electricity will temporarily be turned off, but it will be restored immediately once the installation is complete [1].

In Summary

Smart meters give SMEs real-time data and insights to optimise energy use, reduce costs, and improve decision-making. With easy installation and benefits like accurate monitoring and potential savings, smart meters are a valuable tool for efficient energy management and sustainability.