A real hot topic

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Asignificant number of insights professionals have already joined forces with the Market Research Society’s (MRS’s) Sustainability Council to launch the Insight Climate Collective working group. A switch to smart meters would certainly make sense for the many agencies supporting the MRS Net Zero Pledge and the organisation’s ambition to be net zero by 2026.

Many research agencies might not even be aware that a smart meter could be installed in some offices as well as homes, and deliver similar time-saving benefits. These paybacks include more accurate bills, and with suppliers who supply an in-home display (IHD), the ability to identify where energy is being wasted across the business.
At a time when margins are being squeezed and the cost of living is biting, smart meters can also be an important weapon for researchers hoping to avoid having to pass on additional costs to clients.

Data from Smart Energy GB, the government-backed campaigning group for the rollout of smart meters, reveals that three-quarters of small business owners have had to pass on rising costs to customers, but 86% are trying to minimise their overheads to reduce the level of further increases.

One-third of those surveyed are doing this by monitoring their energy bills more intently and not simply looking for cheaper deals ( 33%), as these can be difficult to find in the current economic climate.

“Like all small businesses, researchers face the same challenges and price hikes as consumers,” says Fflur Lawton, head of policy and public affairs at Smart Energy GB. “It’s inevitable that, in some instances, increased running costs will be passed on, but more accurate bills help businesses to budget by controlling energy usage and tackling areas of waste.”

The Smart Energy GB data notes that small businesses have seen a 13% hike in outgoings since the start of the year, with the price of fuel and energy among the hidden costs putting pressure on margins. These costs are difficult to estimate, but 28% of respondents have no idea how much their next energy bill will be, and 77% fear further hikes in prices within the next six months.

At a time of uncertainty, and when every penny counts, using a smart meter can help agencies to forecast their cash flow more accurately.

“Smart meters send data directly to the energy supplier, so businesses only pay for what they actually use, which helps with cash flow,” says Lawton. “When you are focused on keeping a business running smoothly, anything that can help make the day-to-day cost challenges a bit easier is a welcome relief.”

Across the various sectors surveyed, 72% of small businesses already have a smart meter or are now considering getting one to better manage their spend on energy.

Businesses reluctant to make the switch to a smart meter can worry about the inconvenience caused during the installation process. In reality, fitting takes around two hours, and the electricity or gas supply is only turned off for a short while to complete the connection.

There is also a perception among some research agencies, as with other businesses, that there is little an organisation can do to reduce energy usage. There can be a view that the amount of energy currently being used is necessary to run the business effectively.

In fact, there are quick wins that can be adopted immediately to reduce energy usage. These include turning off appliances when they are not being used, printing fewer documents, cutting down on business travel, and even downsizing on office space if a research company has adopted hybrid working.

Agencies are also being urged to improve internal communication to reduce energy usage by subtly nudging colleagues into switching off devices and changing their individual behaviours.

Moving to a smart meter can be part of any insight agency’s ongoing digital transformation strategy, as well as an effective way to support its commitment to sustainability. The energy suppliers adhere to a code of practice that covers how traditional meters are removed, recycled and disposed of. Each supplier has their own scheme for safe recycling.

As well as helping individual businesses, the data generated by smart meters also supports Britain’s entire energy network. Demand for electricity across the country is forecast to double by 2050, and greater adoption of smart meters by businesses, as well as homes, will make it easier for the government and energy suppliers to integrate renewables into the system.

At a time when prices and supply are unpredictable, those individual agencies that are more in control of how much energy they use, and when, will surely have some peace of mind and the ability to plan more effectively.
To find out if you’re eligible, search ‘get a smart meter’ today.