EIB to back ESB’s National Smart Metering Programme, the six-year project will end by 2024

With a support of €150 million, the Europe Investment Bank (EIB) is planning to back the ESB Network’s smart meter.

Both the EIB and the ESB are joined hands and signed a loan for 2.4 million smart meters being installed. The loan was signed on August 28 and the major aim is to equip every home, farm and business in Ireland with a smart meter by the end of 2024.

The phase based initial installation the project had already been started in 2019, with installing the meters in Cork, Laois and Kildare in Autumn.

The replacement and installation of the smart meter is a part of the Irish Government’s National Climate Action Plan to support Ireland’s transaction to a low carbon electricity network.

The Commission for the Regulation of Utilities has tasked the ESB Networks with the roll-out of the Government’s National Smart Metering Program.

As per the plan, almost 200,000 meters will be replaced by the end of the year and within the next four years 500,000 other meters will also be replaced.

From the customers point of view the new project is providing no harm to them. There will be no add on charges for a smart meter upgrade and the smart service from the electricity suppliers will be avail to the customers from 2021.

Eamon Ryan, Minister for Climate Action, Communication Networks and Transport, welcomed the new plan and the investments from the EIB. He also stated that continued climate action investment was essential for Ireland to tackle the global climate emergency.

Rayan said that the new project is an example of how new technologies help the people to save money, save environment and also to achieve something better. In the trial run of the smart meter the customers were able to reduce their energy consumption by up to 3%.

The first phase of the six-year installation programme will be backed up by the European Union, with a long-term loan.

“The European Investment Bank – as the EU Climate Bank – is committed to financing Europe’s energy transition.” Said Andrew McDowell, Vice President of the European Investment Bank.

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

The ESB mentioned that the smart metering will help to improve the customer service. With the smart meter the ESB will be able to find the faults in the network and fix it much more quickly and efficiently.