Should i get a Smart Meter?

canonman

Hi All,

Just moved into my new build home. I have learnt the suply for Gas is with British Gas, revcied a letter with a link to register a new home. On the link i was able to merge Gas and Electricty together. The Elec was with another supplier so that is been moved over also. I was able to also have the move in date to the 1/01/23 giving me a month of free suply as they agreed and contacted the builder to confirm work was going on. As i am in a new build i am hoping the echo creditials would save me money. I have noticed its much better at retaining heat than my old house. 

Below is my tarif for Gas

Tariff type	Variable
Payment method	Monthly Direct Debit
Standard unit rate	10.343p per kWh
Standing charge	28.485p per day*
Tariff ends on	Not applicable
Exit fees (if you change supplier before the end date)	Not applicable
Additional products or services included	Not applicable

Estimated annual consumption	5,679.06 kWh
Estimated annual cost*	£691.32

£106.17 per month Gas 

I am happy with the cost quoted above. As a newbie to most of this stuff. 

1) Is fixed for that month?
2) is the esitmated ussage until they get a reading, via me? smart meter or with a person coming?
3)varible > is this as the market goes up and down and is this ajusted monthly?


Finally is it worth getting a smart meter, the only benefit i can see for me

1) Able to check my ussage ?

many thanks all 

pochase

Are you sure you don't have already smart meters?

I doubt that a new built will have old dumb meters.

Gerry1

Only the cost per kWh and daily charge are fixed.  Use more and you'll pay more, it's not All You Can Eat.

The estimated usage for gas is less than half the average.  A new build should be well insulated, but you may find the estimated costs are on the low side.

You can always check your usage by reading the meters on the wall and doing the sums.  To convert the gas m3 volume readings to kWh, multiplying by 11.1 will be near enough.

You will be liable for energy consumption and standing charges from the date of completion, so if this is delayed make sure you get written agreement, tell BG and make sure you get meter readings on the day.  Don't rely on the builder to do it for you; mess it up and you'll be paying to keep the builder warm and bright.

DullGreyGuy

Gerry1 said:

Only the cost per kWh and daily charge are fixed.  

They are on a variable rate tariff so no those aren't fixed.

canonman said:

1) Is fixed for that month?
2) is the esitmated ussage until they get a reading, via me? smart meter or with a person coming?
3)varible > is this as the market goes up and down and is this ajusted monthly?

Depends what you mean by "fixed"? There are two ways to pay for your bill... you pay an exact amount based on your actual usage and so it will change monthly or  a set monthly amount that is excessive in summer but low in winter but on average will be sufficient. 

On the second, the monthly payment will be reviewed periodically to ensure you are neither building up too much credit nor running into too much debt

Yes, variable means the unit rate will change over time based on wholesale price movements (at the moment they are artificially capped low)

Gerry1

DullGreyGuy said:

Gerry1 said:

Only the cost per kWh and daily charge are fixed.  

They are on a variable rate tariff so no those aren't fixed.

Agreed, but they are effectively fixed for that month (as asked by the OP) because suppliers have to give 30 days' notice of an adverse change.

canonman

so is there any benefit to the meter? is there any negatives ?

pochase

Why do you believe that you don't already have a smart meter?

canonman

pochase said:

Why do you believe that you don't already have a smart meter?

Sorry as im uneducated i assume the smart reader/home monitor is the smart meter! I am guessing its a reader and and is for "display" purposes! 

British Gas emailed me to have one "installed" i assume its the smart home display ! 

pochase

What you mean is an IHD - In Home Display.

Builders tend to lose the IHD's that are given to them when the smart meter is installed. It does not need to be installed, if just needs to be connected to your smart meter, which can be done online. Problem is most suppliers will not give you a new one if the old one is broken or lost.

ariarnia

Gerry1 said:

DullGreyGuy said:

Gerry1 said:

Only the cost per kWh and daily charge are fixed.  

They are on a variable rate tariff so no those aren't fixed.

Agreed, but they are effectively fixed for that month (as asked by the OP) because suppliers have to give 30 days' notice of an adverse change.

well. if were being pedantic then it is actually fixed. until april. because its the standard variable cap.