August 12, 2021

Mary Sullivan

Understanding your smart meter

Smart meters, also referred to as advanced or interval meters, have been fronted by players in the energy sector as among the most transformative developments in the industry. Many Australian homes have already been fitted with these devices, with the technology set for adoption by most homeowners in line with the national electricity laws changes.

If you are planning to have a smart meter installed in your home, keep reading to understand these devices, how they work, their benefits, and everything else there is to know about them.

What is a smart meter?

A smart meter is a new generation power monitoring device that works through a communication network to send your energy usage data to your provider automatically. These devices record and send your energy usage data in half-hour intervals to your energy providers to ensure that your provider has real-time information about your energy usage.

If you want to have your new home connected to the grid or have your old meter replaced with a smart meter, you may need to talk to your energy provider about it. However, if you want to change your provider because you think they are expensive, you will want to compare electricity providers in your region to find the most suitable option. 

Benefits of a smart meter

Smart meters present consumers with many advantages. Besides being an effective way of keeping track of your electricity usage, they can also ensure that you get an improved level of service from your energy provider.

Here are some more benefits of having a smart meter installed in your home.

1. Live usage information

While consumers using smart meters may not access their consumption information directly from the meter, customers can access live information about their electricity usage through a mobile app or web portals.

Depending on the energy provider, customers can access information about the amount of energy consumed in real-time, their consumption compared to other consumers in the neighborhood, and more. That way, it becomes easy to identify what could be wasting electricity and reduce your usage.

2. More accurate bills

One of the most significant advantages of smart meters over traditional meters is that they eliminate estimated bills. Since smart meters send your electricity usage data to your energy provider every 30 minutes, you can be sure that the bills you receive reflect your actual usage.

3. Smoother communication between consumer and provider

For smart meter users with an in-house display, it is possible to access information about power outages in your area and the expected restoration time. This ensures that you can plan ahead of time to avoid inconveniences.

Additionally, smart meters notify your energy providers when your power is out, ensuring the problem is detected and solved faster.

Cost of a smart meter

The cost of smart meters can vary between providers. Most providers waive the upfront cost of the smart meter during installation but may include other fees in your bill. Therefore, it is vital to ensure that you clearly understand the costs before signing a contract and compare with available options.

Choosing an energy provider for your home

If you are moving into a new home or want to change your energy provider, you must get it right. However, getting the most reliable and affordable provider can be challenging.

But thanks to companies like iSelect, the process has become a lot easier, from initial comparing providers to completing the purchase. Such companies have helped millions of people compare electricity and gas plans from the leading energy providers, so you can trust them to help you get the best value for your money.