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uSwitch.com and first:utility have combined forces to offer the cheapest standard energy plan in the marketplace.  And not only is the plan low-priced but it also includes the installation of free smart meters, which could save customers up to 10 percent annually.

The smart meters are available for both gas and electricity, and they enable customers to manage their household usage, and avoid the downsides of estimated energy bills.  Instead, energy bills are based on precise and up-to-date information, which eliminates the possibility of the supplier accidentally charging the customer either too much or not enough.  The latter scenario can result in debts on the customer’s part and is therefore undesirable.  43 percent of energy customers, which equates to over 11 million people, have been in such a predicament and have owed their energy supplier money following a meter reading.  This comes as a result of previous estimates being far lower than the reality.  The average outstanding sum owed is £137.

The smart reader removes the possibility of discrepancies as it has a built in communication device that takes electricity readings every half an hour to provide exact monthly bills.  Not only this but the 30 minute readings are also fed back to first:utility’s head office to allow customers to access information on their current usage and associated costs online at any time of the day or night.

Energy expert at uSwitch.com, Will Marples, commented: “This is about putting consumers in control of their energy usage and their bills.  Smart meters are being piloted by all the major suppliers, but it will be a long while before we see one in every home.  With energy prices so high, many householders cannot afford to wait for this - they need to understand how they can cut their bills and avoid falling into debt today.
“As with any energy plan, consumers should always check whether it is suitable for their needs before signing up.  The first:utility plan is a two year contract with early exit penalties.  This tie-in allows first:utility to invest in its customers by subsidising the cost of the smart meters.  It won’t be for everyone, but this plan will offer real benefit for many consumers.”

Chief Executive of first:utility, Mark Daeche, added: “In a marketplace where there is very little in terms of differentiation between suppliers, we feel that the offer of 100% accurate bills through innovative smart meter technology will answer a lot of consumers’ needs.

“In addition, as an independent player, we are a nimble organisation which is able to respond quickly to the fluctuating market conditions, and pass on real benefits to consumers.”

Pennywise homeowners that are looking to lower their energy bills further may also wish to consider implementing some energy-efficient measures in their homes.  For example, by increasing property insulation, replacing draughty doors and windows, and installing solar panels.  Such projects could be funded with a secured home improvement loan – a finance option that is usually repayable over a term to suit the borrower from 5 to 25 years.

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