Westminster and energy regulator Ofgem revealed that consumers could save between €19bn and €45bn by 2050, thanks to new rules that will make it easier for people to generate their own electricity, store it and sell it back to the grid.
The new rules are set to come into force over the next 12 months. Currently, people that use solar panels are charged tariffs when they import electricity or sell it back to the grid.
Due to technological improvements and progress in renewable energy generation, more and more people across the UK are producing and storing their own electricity. The government’s action goes some way towards acknowledging the changing situation.
The BBC cited the role of the Internet of Things in the new rules, under which consumers could enjoy reduced rates if they allow appliances to be turned on by the internet in order to take advantage of cheap solar power on sunny days.
Companies that allow their air-conditioning systems to be turned down during peaks of energy demand will also see the benefit.
Although there are concerns that further connectivity could increase the risk of crippling hacker attacks, Ofgem insisted that measures will be put in place to tackle the threat of interference.