One of the major potential benefits of smart meters is their ability to give consumers access to detailed data on their electricity usage via an in-home display or internet portals. In-home displays are not yet widely available but should become available with a variety of options in a range of prices in the future.
I Care About Saving Money
Today's incomes don't always keep pace with a family's needs. Energy management through smart grid and smart meter technologies helps families be smarter on how they spend their money. A smarter grid could save consumers billions of dollars by reducing power outages and cutting energy waste, thus saving money on their energy bills.
Learn more about how a smarter grid can help you.
- Could mean nearly $600 in direct bill savings for the average household each year
- Gives you control over your power bill by making it possible to monitor and adjust your energy use through smart meters and home energy management systems that offer 24/7 rate and usage readings
- Reduces expenses to energy producers by allowing direct communication with end-user equipment to reduce consumption during these peak periods, lowering the need for costly standby power plants
- Some states offer new pricing plans that make it possible for consumers to save money by controlling how much electricity they use during times of peak demand when electricity is more expensive
The idea of the smart grid and the ability to communicate real time electrical market data to consumers will allow people to choose when to use electricity based on the smart grid rates. There is a lot involved in the electrical market and power pricing. Basically electricity is more expensive during higher demand times, usually mid week, mid day to evening. During the times if high demand electricity rates go up exponentially. This is due in part to the lack of generation capability and availability.
With the smart grid the communication of real time electricity rates to the consumer will be possible. This will allow people to choose not to use as much power during peak times to avoid high costs; this will overall reduce the demand. Smart grid compatible appliances or grid friendly appliances will be able to turn off and on automatically based on the cost of electricity at any given moment in time.
Smart meters are tested for accuracy and their primary function is measuring power usage. Similar to your old meter, smart meters will measure the energy that is used by residents of your home. The meter itself cannot and will not increase your bills. Your bills could actually be lower because smart meters and smart grid technology will provide you with personalized information and tools to decrease your energy usage. Old analog meters can stick or run ‘slow’ resulting in inaccurate bills. In cases like this, the smart meter will now provide an accurate reading of your energy usage.