Smart meters tip the seven digit mark

Smart electricity meters have hit a big milestone: there are now a cool million of them installed around the country.

Smart electricity meters have hit a big milestone: there are now a cool million of them installed around the country.

smart power meters nzElectricity Authority chief executive Carl Hansen says strong competition between retailers has meant the meters are being installed free of charge to consumers' homes and businesses. In other countries, consumers have been charged up to $900 to have a smart meter installed.

"Customers are now also seeing the benefits of more innovative pricing and services, for example many retailers are now marketing special packages for those with smart meters, particularly to encourage and reward off-peak electricity usage."

Smart meters also mean consumers are able to monitor their electricity usage more closely, which can assist with reducing consumption.

Genesis Energy has installed the most smart meters with 395,754 connection points (including those installed for its Energy Online brand).

By April 2015 it is estimated there will be more than 1.2 million smart meters in New Zealand, leaving just over 800,000 traditional meters.