Smart Meters For Our Homes – Will They Really Help Lower Energy Costs?
In all probability you will have heard talk of new smart meters being installed in homes, which have the ability to relay information back to the electrical company with regards to power consumption. Unlike the old regular meters, these new smart meters can identify power consumption in detail, and it is hoped that this may result in the average person using less electricity. Let’s go ahead and take a look at what the smart meters really mean:
While the old power meters could simply measure the amount of electricity used, the new smart meters will have the ability to match consumption with times of usage. In other words, the electric company will be able to determine during which times the most electricity is being used and at such, they’ll then be able to offer different prices for electricity used at different times of the day and night. The aim is to encourage people to avoid using electricity during peak hours by offering the incentive of lower costs, should you choose to use most of your electricity during off peak hours.
Interestingly enough, the main electricity company in Italy is already providing electricity to more than 27 million customers via new electronic smart meters. These meters are not only able to measure power consumption, but they’re also capable of managing it. Furthermore, being solid state, they communicate via low voltage power lines which make it possible for the electric company to detect any outages or unauthorized use of power. They also make it possible for the electric company to turn the electricity supply on or off from a remote location.
Due to the numerous benefits, smart meters are also currently being implemented in New Zealand, Australia, Scandinavia, Turkey, Canada, and the Netherlands. In the United States however, smart meters still tend to be restricted to only certain jurisdictions such as Los Angeles, northern California, and also some parts of Texas. As far as the United Kingdom and Ireland are concerned, it would seem that it’s only a matter of time before smart meters become the norm. Essentially, it’s become rather apparent that homeowners would like the opportunity to make their own choice with regards to buying power during times when the price is down, just as they would like to have a choice as to when they should sell any excess power they may have, back to the electric company.
Because smart meters rely largely on having the ability to communicate with a central command point, communication remains the biggest challenge. In order to overcome this obstacle, certain possible solutions have been proposed, such as making use of cellular networks and power line communications.
Recently, US President Obama has called for the installation of forty million smart meters, as well as three thousand miles of transmission lines. This would be the first real update to the electrical grid in about forty years. Some feel that this will create what is being called a “smart grid” and will be as big an influence on our society as the Internet, the Interstate, the telephone and the railroad. The ability of this grid to pull energy from clean power projects is one of the reasons it’s being supported, as well as its ability to forstall the need for building new power production centers.
Smart meters can cost anywhere from a hundred to three hundred dollars to install – each. The amount depends on the quality of the smart meter in question, but it will be a significant investment. However, venture capitalists have been investing in this technology recently, so it may be possible. Soon, you could be choosing when you use power based on the price, and possibly saving money and energy.