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Undecided on the move to Smart Meters
23/01/2012
The Government-backed scheme to install smart meters in every home could be a risky one, costing a grand total of £11.7billion – this may not be the solution to reducing energy bills and making savings for the customers. MP’s warn that this will bring little benefit to consumers and families could well be funding this by having to pay for higher bills.
As energy bills are on the rise retirement funds are being stretched further, topping up your pension could be easy with The Right Equity Release. If you are a homeowner and over 55 you could free up some extra cash to make your everyday living that bit easier and help improve your lifestyle. Use our right equity release calculator to estimate how much equity could be released from your property.
Smart meters will give real time information on each home and will be able to give the energy giants exact information on the homes, energy used and the cost. Therefore customers will be able to monitor their consumption and encourage families to cut back on energy usage and potentially reducing carbon emissions.
The energy companies support the smart meters as they will also give exact meter readings and also save frustration for the customer. On the other hand thousands of jobs will be lost on the billing and meter reading section of the industry.
The technology will work using mobile phone networks and will give the energy companies the ability to disconnect a customer by the click of a mouse.
The Right Equity Release will be able to help release money from your home so having your gas or electric cut off never happens to you. If you wish to retain the ownership of your home with the right to live in the property for the rest of your life then Equity Release can help you achieve this. Use our Right Equity Release Calculator and see how much equity you could release in your home.
Consumer groups are not too keen on the idea of smart meters and suggest it will turn into a £11billion fiasco. MP’s also predict that any money the energy companies save will not in turn be passed back to the customer. Margaret Hodge from the public accounts committee argues the meters are a good idea but say “consumers will benefit from smart meters only if they understand the opportunity to reduce their energy bills and change their behaviour. So far the evidence on whether they will do so has been inconclusive; otherwise the only people who will benefit are the energy suppliers.”
It is also a concern that customers will end up paying the costs of these smart meters through their bills and potentially causing rifts within families about who uses and wastes the power in their homes. Positively households will no longer receive estimated bills and have more control over their usage but do we really want to pay more when energy bills are already hugely expensive.
With the constant reminder that energy prices are going up for some reason or another why not think about topping up your retirement income and release the equity in your home. The Right Equity Release will promise to give you independent advice on our equity release plans. Use our Right Equity Release calculator to find out how much you are eligible for.
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