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Smart Meters help reduce business electricity and gas consumption

Over the last few years, smart meters have become an increasingly widespread tool in the quest to reduce business energy costs. This equipment is designed to inform suppliers and customers how much business electricity and gas is being used. Inevitably, the firms behind this technology are beginning to reap the rewards of a growth industry. Smart Metering Systems, a Glasgow-based technology company that specialises in gas meters, is moving forward with ambitious growth plans after succeeding in securing a loan worth £45m. The firm are planning to put the funds towards a phased installation of smart meters spanning the next two years for the domestic market, as part of nationwide drive to install smart meters in all homes and businesses by 2020. Smart meters are essentially an electrical meter which records the consumption of electricity in intervals of an hour or less. Once recorded,  it sends that information at least once a day to the utility company for monitoring and billing purposes. But what makes smart meters 'smart' is that they enable two-way communication between the meter and the central system and can gather data for remote reporting. The reporting element is key to it so, from a business point of view, it's important to secure the services of a business energy broker who can translate this into tangible savings. Smart Metering Systems raised millions of pounds last year when it was listed on the AIM market. The company is looking to invest in meter assets; gas suppliers must make the meters available to all businesses and homes over the next few years. Save

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