1bn pounds roll-out planned for UK smart meters

An estimated seven million smart meters will be installed in homes across the UK under a new £1 billion roll-out programme, a recent news report has been able to reveal.

The scheme is backed by six commercial banks including Barclays, HSBC and Santander. The European Investment Bank (EIB) will provide £360 million. It aims to support the UK Government’s plans to ensure more than 53 million smart electricity and gas meters are installed in every small homes and businesses by 2020. The mass roll-out will begin in 2016.

European Commission Vice President JyrkiKatainen, said: “Smart meters improve customer awareness of how much they are spending on their energy bills so they can make informed decisions on their energy use.”

“This programme provides a benchmark for similar smart meter schemes across Europe in the future,” added Jonathan Taylor, EIB Vice President.

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