The European Investment Bank and ESB have signed a loan facility to support the roll-out of 2.4 million smart meters to every home, farm and business in Ireland by the end of 2024.

The new €150 million 15-year loan will support the roll-out programme, which started in counties Cork, Laois and Kildare in autumn 2019 and is being delivered on a phased basis.

By the end of this year it is envisaged that 200,000 meters will have been replaced and about 500,000 meters will be replaced in each of the four years thereafter.

New smart services

From 2021, electricity supply companies will be able to offer new smart services to customers with smart meters.

Eamon Ryan, Minister for Climate Action, Communication Networks and Transport, said: “Ensuring continued climate action investment is essential for Ireland to contribute to tackling the global climate emergency.

"I welcome the European Investment Bank’s latest vote of confidence in Ireland’s National Climate Action Plan and the new €150 million backing for ESB Network’s roll out of smart meters.

"The European Investment Bank (EIB) support for 70 million smart meters across Europe has shown how new technology enables homeowners to use energy in a smarter way, save money on electricity bills and reducing their impact on the environment.

"The EIB is a key partner for long-term investment in Ireland and I look forward to ensuring that the EIB, as Europe’s climate bank, continues to increase support for high-impact climate investment in this country.”

Pat O’Doherty, chief executive of ESB, said: “The National Smart Metering Programme being delivered by ESB Networks is an important enabler of Ireland’s National Climate Action Plan and helping empower all electricity consumers to actively play their part.

"This is a big investment in Ireland’s transition to a low-carbon future, and the wider economy.  ESB has a long-standing relationship with the EIB and we welcome their support in helping to deliver this important programme."

Andrew McDowell, vice-president of the European Investment Bank, said: “The European Investment Bank – as the EU Climate Bank – is committed to financing Europe’s energy transition.

"Our €150 million financing commitment to ESB Networks will support the extensive roll out of smart meters to every home and business in the country, giving consumers greater control over their energy consumption and supporting the electrification of heating and transport.

"The EIB looks forward to further increasing our support for climate action with Irish partners in the years ahead.” said Andrew McDowell, vice-president of the European Investment Bank.”

Benefits of smart metering

ESB Networks will replace 2.4 million meters with modern smart meters in every home, farm and business by the end of 2024. These new meters will deliver benefits to customers, the economy and the environment and will facilitate Irelands transition to a low carbon electricity network. The benefits include:

  • Facilitating the development of Ireland’s growing renewable generation, smart grids and support the electrification of transport and heat.
  • Providing customers with greater access to accurate information on energy usage, giving greater control over energy consumption. In trials, consumers reduced consumption by up to 3% and peak demand by 8%.
  • Enabling more accurate billing, significantly reducing the need for manual meter readings and estimated bills.
  • Improving customer services by allowing ESB Networks to find faults quicker and manage the network more efficiently. It will also enable customers to switch electricity supplier and move premises more easily.
  • Enabling electricity supply companies to begin to offer new smart products and services, giving more choice and enabling customers to move some of their consumption to times of day when electricity is cheaper.

Supporting six-year installation programme

The 15-year long term EIB loan will support the first phase of the six-year smart meter installation programme. There will be no additional charge to customers for a smart meter upgrade, like other meter and electricity infrastructure upgrades the smart metering programme costs are included in the existing charges for use of the electricity network