Customers in the domestic and commercial sectors are set to see benefits worth £5.7 billion from the government’s £11 billion smart meter scheme.
The scheme which plans to install approximately 53 million smart meters in more than 30 million homes and businesses by 2020, has come under criticism by some MPs lately.
However, analysis released by BEIS, Department for Business Energy and Industrial Strategy, estimate the customer benefits to be worth £5.7 billion.
The aim of the scheme is to make customers more energy efficient, which will help to reduce their combined electricity and gas bills by £11 in 2020 and by £47 in 2030, based on an average sized household.
The rollout of this scheme has started slower than planned, with the schedule initially set to begin in 2015.
Energy Networks Association Chief Executive David Smith said: “We welcome the long awaited publication of the cost benefit analysis of the roll-out of smart meters. It is important that we have precise analysis of the benefits from smart meters and particularly the benefits that network operators will be able to derive for their customers from the programme.
“Network companies will evaluate the government’s publication in order to better understand the assumptions behind the figures. We look forward to working with the Department for Business, Energy and Industrial Strategy to ensure accurate analysis.”