The UK's target to equip 100% of homes with smart metres (electricity and gas) under its Smart Metering Implementation Programme (SMIP) will be delayed by 4 years, to 2024. The programme also had its cost reevaluated to £13.4bn (€15bn), up from £11bn, i.e. an increase of 22% or £2.4bn (€2.7bn) compared the previous budget of 2016.
The UK target estimated the installation of over 50 million smart meters by end-2020 (14.9 million operating as of June 2019). The SMIP is expected to generate £7.1bn (€8bn) in benefits (under a net present value analysis), of which £5.6bn (€6.3bn) will be bill savings for households. Each individual household is estimated to see a net benefit of £250 (€282) over the metre's appraisal period.
The programme is in line with Britain's goal to reduce carbon emissions to net-zero by 2050 and is expected to generate carbon emissions savings of nearly 45 MtCO2eq.
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