Our research also revealed that many of you underestimate how much you pay for your energy. When asked how much they thought they spent on energy each month, those surveyed gave an average answer of £64, or £768 per year. However, we calculated that households are actually spending an average £94 per month, which is £1,138 per year! That’s a gap of more than £370 per year – quite a difference.** This is potentially creating serious budgeting issues for British households, at a time when inflation is increasing and household spending is falling.
But the good news is that while some of you are worried about smart meters, many of you have already discovered some of their benefits. Around 6 million people have had smart meters installed so far. Many of you (4.5 million) are keen to make use of them to understand your energy usage better by making the most of the easy-to-use interface and real-time reading capability. 3.7 million of you highlighted that smart meters would provide them with more accurate bills too – which could make life easier for many of us.
**Based on OFGEM Bills, prices and profits data for an average of dual fuel, direct debit and available paper tariffs from the six large suppliers at May 2018.