Renowned financial analyst Martin Lewis has voiced his dissatisfaction with the current smart meters roll-out in Britain, describing it as a “disgrace.” The nationwide installation of these meters in households and businesses has been beset by significant costs and delays, with an estimated twenty percent of the meters failing to provide the anticipated real-time information on energy use and cost.
Mr. Lewis did not mince his words, unequivocally stating that the roll-out of smart meters in the country has been nothing short of a disgrace. He highlighted the fact that many of these meters are non-functional, leaving consumers with nothing more than a static meter, which they already had in the first place. In addition to the individual impact of non-functioning smart meters, Mr. Lewis emphasized the macroeconomic implications of this poorly executed roll-out.
Despite the backing of consumer groups and political parties, the smart meters roll-out has been plagued by delays and escalating costs. Initial estimates projected the installation costs to be around £13.5 billion, to be completed by 2019. However, the final costs are expected to be billions higher, and the completion of the scheme is still several years away.
Dame Meg Hillier MP, Chair of the House of Commons Public Accounts Committee, expressed concerns about functionality issues and the unclear benefits of these smart meters. She highlighted the need to replace millions of meters when they become obsolete, posing a significant reputational challenge for smart meters in the eyes of the public.
Notwithstanding the setbacks, the meters play a crucial role in the transition to renewable energy and new variable price schemes that incentivize customers to minimize energy usage during peak demand. In addition to the smart meters, Mr. Lewis expressed his support for households generating their own energy through solar panels. However, he cautioned that the payback time for the installation costs could be quite long.
In response to these criticisms, Smart Energy GB, the organization responsible for promoting the smart meters roll-out, has recently enlisted renowned broadcaster Angela Rippon to champion the initiative. According to Victoria Bacon, the director of Smart Energy GB, the smart meters offer clear and practical benefits, particularly in eliminating estimated bills and helping people manage their energy usage effectively.
In conclusion, the smart meters roll-out has encountered significant opposition from financial experts like Martin Lewis, with concerns raised about functionality, cost, and public perception. Despite the noble intention of promoting energy efficiency and affordability, the current execution of the smart meters roll-out in Britain has fallen short of expectations, prompting the need for a thorough re-evaluation of the entire program.