A smart meter is usually an electronic device that records electricity consumption in intervals of an hour or less and communicates that information at least daily back to the utility for monitoring and billing.
Remove estimated meter reads and generate accurate invoices
Reduce the cost of including a “pedestrian read” in the energy prices
Smart meters could control, regulate, and ration the use of an utility (load limiting)
Introduction of time in use tariffs
Initial investment: around 500 euros per unit. Payback: less than four years.