Little-known smart meter rule change that could see energy bills plummet | Personal Finance | Finance [Video]

Unpaid carer discusses the benefits of using a smart meter

New Ofgem rules could result in a significant fall in energy bills, experts believe.

From June 2025 onwards Ofgem is bringing in new rules for households with smart meters that will require energy companies to “settle” consumer electricity bills.

This means that energy companies will have to tally up how much energy a customer has used versus the amount it cost.

This new change only applies to electricity costs but Ofgem thinks that these more accurate bills could save consumers around £4.5billion by 2045.

This also means the rise of ‘time of use’ energy tariffs which incentivise energy use at off-peak times.

Smart meters will inform the new scheme. (Image: Getty)

An Ofgem statement said: “Smart meters can record the amount of energy consumed or exported within every half hour of the day. 

“This provides an opportunity to make the settlement process more accurate and timely, and act as …