Smart meters could see electric car owners cut bills and make money

Picture of an electricity smart meterEnergy Minister Claire Perry today (16 August 2018) hailed OVO Energy for its “innovative” electric vehicle (EV) products – enabled by smart meters – which could see millions save and even make money from their electric cars.

OVO Energy, based in Bristol city centre and London, is one of just a few companies already using smart meters to offer innovative products, such as rewarding customers for charging their electric vehicles at off-peak times. These offers, made possible thanks to a smart meter, help customers use energy at times when there is less demand on the grid, in turn saving money on their bills.

Smart charging and Vehicle to Grid charging could become a cornerstone of the way we use energy in the UK, with more than 8 million people in Britain considering buying or leasing an electric vehicle in the next 5 years. With this technology, customers will not only be able to choose to use energy at the cheapest times but also make money by selling energy from their vehicle’s battery at times when it is most in demand. This will support the growth of renewable energy generation in the UK.

Smart energy innovations, such as smart tariffs and smart charging, could save the UK as much as £40 billion between now and 2050.

Smart meters also support OVO’s intelligent platform VCharge, which is enabling residential appliances such as electric vehicles, electric heaters and in-home batteries to help balance the grid and reduce energy costs.

Energy and Clean Growth Minister Claire Perry said:

“More than 11 million meters are already empowering consumers to reap the rewards of a smarter energy system, putting homes and small businesses on the road to a smarter future.

Smart meters will be the cornerstone of a cleaner, flexible and efficient energy system, saving the country tens of billions of pounds.

New innovative products and tariffs like these will put consumers in the fast lane when it comes to control of their energy use, saving and even making them money when using their electric vehicles.”

These products are just one of the ways smart meters save money. They put people in control of their energy use by showing them how much energy they use in pounds and pence via an easy to understand In-Home Display. With this information at their fingertips, consumers can easily understand how they can make small changes to the way they use energy in order to use less and save money on their bills – up to £1.2 billion a year by 2030.

Source: Gov.uk