To ask the Secretary of State for Energy and Climate Change, what estimate his Department has made of the total cost of purchasing and installing smart meters in homes; and how it is intended that the costs will be recouped.
This answer is the replacement for a previous holding answer.
21 July 2014
The Government’s Smart Metering Impact Assessment estimates a net present value benefit of £6.2bn based on present value costs of £10.9bn and present value benefits of £17.1bn for an appraisal period up to 2030.
The Government expects that both costs and cost savings will be passed to consumers by competing energy suppliers through energy bills as is the case with traditional meters.