Is it worth Moving to a Smart Meter Plan?

[myate]

Currently we have a smart meter for esb, & we're with Electric Ireland, but the meter was installed but it runs as a normal meter, so we're not on a smart tariff. Our contract is up next week, and two options to stay with EI are normal non-smart plan at 35 cents per unit, or switch the meter to full smart mode plan for 33.50 cents. Both plans are 24 hr unit rate which I personally rather. Once you move to the full smart plan, there's no going back they said.
Has anyone a good idea of which is better to stay with?

 

[Leo]

Register with ESB Networks to obtain your smart meter usage data, this will give you access usage broken out into 30 minute intervals.

After a few typical weeks or ideally a little longer, download the data in a spreadsheet and then break out how much you use in peak, day, & night periods. Use that data to determine whether a smart plan is better value for you. I did this a couple of months back and the 24h rate was just slightly cheaper for my usage, but I work from home, don't have an EV... Take into account you will be using more light at this time of year and any other factors that might affect usage patterns over the year.

You're right on the move though, once you move you're locked into smart plans, so make sure the case is compelling prior to making the switch.

 

[myate]

Thanks Leo...similar position, I work from home also, no EV, no kids running up usage also! Our usage is quite low (165 per bill, last couple anyway, used to be around 80!!).
I'll check that out with ESB Networks.

 

[Cervelo]

Both plans are 24 hr unit rate which I personally rather. Once you move to the full smart plan, there's no going back they said.
Has anyone a good idea of which is better to stay with?

The question I'd be asking myself is, if I switch over to a Smart plan that only has one rate will that plan still be there at next renewal??
If not then you're looking at a renewal smart plan that will more than likely have the three rates Day, Night and Peak

 

[myate]

The question I'd be asking myself is, if I switch over to a Smart plan that only has one rate will that plan still be there at next renewal??
If not then you're looking at a renewal smart plan that will more than likely have the three rates Day, Night and Peak

100%...they're really the only options that come up for Smart rates when I got to Bonkers or Switcher. Leaning towards sticking on a normal tariff.

 

[peemac]

The question I'd be asking myself is, if I switch over to a Smart plan that only has one rate will that plan still be there at next renewal??
If not then you're looking at a renewal smart plan that will more than likely have the three rates Day, Night and Peak

You don't have to "renew" your contract. You can agree a further minimum term if they offer an incentive and that would be on your current tariff.

 

[Interstellar]

ESB recently installed a smart meter at my home. I am with EI on day/night rate. Does anything change for me since the smart meter was installed or do I still keep my day/night rate?

 

[losttheplot]

We recently had one installed and the communication we received said the metre was configured for Day Night. If we put off the installation, it would be installed at a future date and wouldn't be allowed to keep current tariff. Did you receive any notification about the installation?

 

[Cervelo]

You don't have to "renew" your contract. You can agree a further minimum term if they offer an incentive and that would be on your current tariff.

But isn't that kind of the point I was making, when it comes to renewal on a smart meter plan you're stuck with only the offerings for smart meters
and very few suppliers are offering single or dual rate plans for smart meters at the moment so it's going to be a big "if they offer you an incentive"

My understanding is like it or not we all are going to have to switch on our smart meters and in a few years when they finish the roll out of the smart meters they will also stop offering single and day/night rate plans and have every household on a three rate plan or some version of the day, night and peak plan

 

[Interstellar]

We recently had one installed and the communication we received said the metre was configured for Day Night. If we put off the installation, it would be installed at a future date and wouldn't be allowed to keep current tariff. Did you receive any notification about the installation?

No. ESB just turned up one day to say that they were installing the thing and went ahead.

 

[Marsupial]

ESB recently installed a smart meter at my home. I am with EI on day/night rate. Does anything change for me since the smart meter was installed or do I still keep my day/night rate?

Nothing will change unless you decide to change something.

The only change that you may notice is that the meter reader won't be calling any more, as meter readings will automatically be uploaded to ESB Networks.

 

[Marsupial]

The question I'd be asking myself is, if I switch over to a Smart plan that only has one rate will that plan still be there at next renewal??
If not then you're looking at a renewal smart plan that will more than likely have the three rates Day, Night and Peak

It has been suggested on another thread here that, over time, it's likely that the rates for non-smart plans will slowly be increased until they are no longer an attractive option. (I assume that the Regulator's approval would be required.)

 

[mathepac]

Nothing will change unless you decide to change something.

True, you'll even continue to receive estimated bills with the smart meter installed.

The new meters can't account for a date-driven change of rate.

I got an estimated bill for electricity from EI up to 31/10/2023, a rate change for 1/11/2023 and an estimated bill for the period ending 1/11/2023, issued on 3/11/2023.

Whatever about the big clearout at RTE, is it not gone time we had a similar cost-saving at both ESB Networks and EI? This would get us accurate bills in a more timely manner and save money.

Do not move to a so-called smart-meter plan run by not-so-smart humans would be my suggestion.

 

[peemac]

But isn't that kind of the point I was making, when it comes to renewal on a smart meter plan you're stuck with only the offerings for smart meters
and very few suppliers are offering single or dual rate plans for smart meters at the moment so it's going to be a big "if they offer you an incentive"

My understanding is like it or not we all are going to have to switch on our smart meters and in a few years when they finish the roll out of the smart meters they will also stop offering single and day/night rate plans and have every household on a three rate plan or some version of the day, night and peak plan

Electric Ireland certainly offer a single rate - and the cheapest standard rate in the market.

Their smart "night boost" gives two main rates which are cheaper than the standard meter, but also an extra discount for 2am-4am. So in a way I think we are seeing the standard rate plans not come down as much as smart plans, thus making smart plans the cheaper comparative option - which it should be

 

[Leo]

It has been suggested on another thread here that, over time, it's likely that the rates for non-smart plans will slowly be increased until they are no longer an attractive option. (I assume that the Regulator's approval would be required.)

The Regulator is very much in favour of smart plans, it is at their direction that once a consumer has switched to a smart plan they are not allowed to switch back to a non-smart one.

 

[odyssey06]

The Regulator is very much in favour of smart plans, it is at their direction that once a consumer has switched to a smart plan they are not allowed to switch back to a non-smart one.

And yet I've read elsewhere on social media that people in this situation contacted the Regulator and they said this was not their policy, it was a matter for providers.

Was there any official communication from the Regulator confirming this?

 

[Leo]

And yet I've read elsewhere on social media that people in this situation contacted the Regulator and they said this was not their policy, it was a matter for providers.

Was there any official communication from the Regulator confirming this?

Perhaps a bit of a cop-out from the regulator, they are setting migration targets and mandating that 'suppliers must take reasonable and effective steps to migrate all relevant customers to an appropriate Time-of-Use Tariff in a timely manner.'