The Australian Energy Market Commission (AEMC) has put forward a recommendation for a 100% uptake of smart meters by 2030, as part of a suite of reforms putting customers at the heart of the transition to net zero.

AEMC chair Anna Collyer says smart meters offer customers more ways to engage with the energy market now and in the future, as we continue up the tech curve.

“Smart meters turn power into knowledge and knowledge is power. Consumers can make informed choices which in turn open the way to greater retail options that suit their family or business usage patterns,” she explains.

“The electricity market needs a critical mass of smart meters across households and businesses before we can introduce other significant advances necessary to reach net zero.”

A draft report outlining key recommendations for accelerating the rollout of smart meters shows a 100% uptake would deliver net benefits to the tune of $507 million dollars for all NEM regions including NSW, ACT, QLD and SA.

Other potential benefits consumers can unlock with smart meters include:

• Remote meter readings: smart meters provide accurate real-time information about electricity usage. That means no more manual meter readings or estimated bills.
• Track your energy use: customers can see their usage more frequently and accurately, meaning they have more control over their daily energy use and can potentially change their usage patterns by identifying cheaper times to use energy and as a result, cut the costs of their bill.
• Flexible pricing: smart meters enable access to different flexible pricing options, meaning customers can choose different rates for electricity that suit them. Those without solar or batteries can especially benefit from new tariffs that reward usage during times of excess solar generation, helping to cut costs of their bill and reduce solar wastage.
• Faster detection of faults & outages: smart meters can help distribution businesses quickly identify if your power is out. Those alerts can speed up power reconnection for consumers.

The AEMC is working with stakeholders to accelerate a smart meter rollout in the National Electricity Market (NEM), to support the energy transition and build a smarter grid for the future.