No a "Smart meter" will not save you money by itself . It "should " help save you money by encouraging you to switch things off or turn heating down etc. It should also not cost you more as your bills depend ONLY on your tariff and usage , not on the meter/s that are measuring that usage . We are already paying £billions for these meters to be fitted in our bills (regardless of whether we have one fitted ) . I have fitted an energy monitor like this: https://www.amazon.co.uk/geo-Minim-Energy-Monitor-Self-Installed/dp/B00JIMQP6Y/ref=sr_1_6?crid=HUOIJUX3FMDO&keywords=power+meter+energy+monitor&qid=1552139272&s=gateway&sprefix=power+meter,aps,160&sr=8-6 Seems expensive now ,but got mine 8 or 9 years ago from EON for £7.99 (sender just clips over the meter supply and display sits on the mantlepiece) and it does show me when I leave the oven on etc. So I'm not against what "Smart" meters do ,but against what the energy companies could do with them . There are too many urban myths (good and bad ) around these meters so stay well clear is my advice . Roll out was supposed to be complete by 2019 , then 2020 (when suppliers will face fines for not installing their quota , Really !?! ) "Technical problems" are apparently behind the delay :/ and will NOT be resolved by 2020 or even 2022 . The "reprogramming of SMETS 1 meters to SMETS 2 meters is simply "aspirational hogwash" and will only be possible with a small percentage of the newer SMETS 1 meters . "Think" reprogramming an I Phone to become an Android phone . As @J4GG4 commented this was promised 2 years ago but has yet to materialise . Differential (sometimes called Variable ) pricing is my main worry . This means the energy company could vary your unit prices dependant upon your historical usage (raising them when you use the most ) probably modified by a simple algorithm dependant upon when there is excess capacity in the system ( a Smart Economy 7 if you like) . They will , of course present this as a "Discount " as times you use the least energy will cost less per unit ! Another reason Differential pricing will hurt the consumer is that switch sites will be unable to give accurate comparisons as individual consumers will be only different rates at different times of the day , for different periods depending on their habitual usage (which the energy companies will obviously know and exploit ) . Additionally many smaller energy companies will not have the technology to join in the fun ,so many will simply disappear ,thus cutting down competition . Sorry for the long Saturday essay , a difficult read I know . However it is important that consumers understand the advantages and disadvantages of these meters . Too many , as displayed by some comments on this thread , are misinformed on this very important subject or believe the aspirational hogwash put out by the energy companies and the Government (about reprogramming SMETS1 meters and a completion date of 2020 (shock) ) not to mention the Urban myths doing the rounds .
And there’s your problem, make sure you switch as soon as your rate ends if not you will be paying more and rates will still go up. Our fix ends in May we were on such a good deal that we will pay £300 more next year even if we switch to the next cheapest rate. Nothing to do with the meter just priced going up.
From MSE: https://www.moneysavingexpert.com/news/2019/03/-misleading--smart-meter-ad-banned/
Thanks for your advice , it’s appreciated....I understand it’s the smart meter that counts the usage but so do the older meters. It’s not just one person who has had a smart meter installed that complains about price increase, it’s every household that has had it installed that has had their bills increased. Now every smart meter cannot be faulty. I think in my case most likely is they’ve switched me over from a fixed tariff which we was on for the past 4 years plus to a variable tariff. All previous bills were based on actual meter readings taken so no way we were under charged. In fact we were paying more monthly than our families and friends which led us to installing a smart meter.
It is a shambles and clearly wasn't thought through enough before they rolled out. But everything that I've read suggests that the first gen can be updated to the second gen and will be according to the government. Whether that's via SW or hw I don't know. Lots of info here... https://www.moneysavingexpert.com/news/2017/10/smart-meter-upgrade-programme-to-start-within-a-year/