Consumers require discounts of at least ten per cent off bills from their energy suppliers in exchange for switching to smart meters, a new report suggests.
A study from management consultancy Accenture questioned 9,000 people in 17 different countries and found 24 per cent would allow energy suppliers to regulate their consumption of utilities in exchange for a price discount of ten per cent.
Meanwhile, 35 per cent would allow their energy use to be regulated in exchange for a price discount of 20 per cent.
The survey also found that many consumers believe they are savvy about their energy use. Three-quarters said they know what to do to lower their bills, with 71 per cent saying they do not trust companies' energy saving plans.
Greg Guthridge, managing director of Accenture's Utility Customer Care Practice, said: "In the new energy era, residential consumers who allow major household appliances to run at off-peak times will potentially receive a financial benefit."
He added however, that energy suppliers must also address consumer concerns about external regulation, privacy and lifestyle implications.
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