The European Investment Bank (EIB) has decided to back a scheme which will install more than seven million smart meters across the UK.

Government’s pledge

Recent government statistics indicate that two million smart meters (electronic devices which record electricity consumption) have been installed in the UK. Whitehall has pledged to ensure that a smart meter has been fitted in every home and business across the nation by the year 2020. However, industry insiders believe that the UK may struggle to meet Whitehall’s deadline.

Promotion of energy saving devices

A £1 billion scheme has recently been launched to assist the government in fulfilling its promise. It’s part of a wider initiative designed to promote the widespread roll-out of energy saving devices throughout the EU. TheEIB will devote £360 billion to the scheme, which will install over seven million smart meters in homes across the British Isles.

The scheme will also be financially backed by several commercial banks including HSBC, Barclays, Santander, CIB and CréditAgricole. Jonathan Taylor, vice president of the EIB, commented on the programme in a statement, He was quoted by Business Green saying that “smart meters make it easier for households and businesses to save energy and this huge roll-out will help to significantly cut carbon emissions.”

Taylor went on to note, “this programme provides a benchmark for similar smart meter schemes across Europe in the future.”Therefore, this scheme will provide the UK government with both the financial support and logistical blueprint it will require to fulfil its pledge of installing smart meters in every home and business across the UK by 2020.


Whitehall’s promise to install smart meters in every home and business by the end of the decade should benefit for small companies across the country. Smart meters will provide small to medium sized enterprises (SMEs) with the information they need to make significant savings on their energy bills.

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