€150 million EIB backing for ESB smart meter rollout

The European Investment Bank (EIB) is to back the ESB Networks national “smart meter” roll-out to homes, farms and businesses across Ireland.

ESB Networks will replace 2.4 million meters with modern smart meters in every home, farm and business by the end of 2024.

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 which 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 Irish Government’s National Climate Action Plan, supporting Ireland's transition to a low carbon electricity network.

Minister for Climate Action, Communication Networks and Transport, Eamon Ryan, welcomed the EIB’s investment, stating that continued climate action investment was essential for Ireland to tackle the global climate emergency.

Mr Ryan said the support for the project showed how new technology "enables homeowners to use energy in a smarter way, save money on electricity bills and reduce their impact on the environment.” 

In trials, consumers reduced their energy consumption by up to 3% while using smart meters.

The ESB also said smart metering will improve customer services by allowing ESB Networks to find faults quicker and manage the network more efficiently.

The 15-year long term loan from the lending arm of the European Union will support the first phase of the six-year smart meter installation 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."

“The EIB looks forward to further increasing our support for climate action with Irish partners in the years ahead.”