ESB secures €150m loan for smart meter roll-out

The EIB and ESB have signed a loan facility that will see 2.4m smart meters installed in every home, farm, and business in Ireland by the end of 2024.

The 15-year long term loan will support the first phase of the six-year smart meter installation programme. File picture: Chris Bellew / Fennells

The European Investment Bank (EIB) is to back the ESB Networks national 'smart meter' roll-out with the support of €150 million.

The EIB and ESB are today signing a loan facility that will see 2.4 million smart meters installed in every home, farm, and business in Ireland by the end of 2024.

The roll-out, which is being delivered on a phased basis, began in Cork, Laois, and Kildare in Autumn 2019.

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

There will be no additional charge to customers for a smart meter upgrade, and customers will be able to avail of new smart services from their electricity suppliers from 2021.

The Commission for the Regulation of Utilities has tasked ESB Networks with the roll-out of the National Smart Metering Programme which is a key part of the Irish Government’s National Climate Action Plan, supporting Ireland's transition to a low carbon electricity network.

In trials, consumers reduced their energy consumption by up to 3% while using smart meters. The ESB also said smart metering allows them to find faults quicker and manage the network more efficiently.

The 15-year long term loan will support the first phase of the six-year smart meter installation programme.