While very similar to the existing electric meters, there is one big difference in the appearance of the new smart electric meter: an easy-to-read digital display instead of the spinning wheel or dial that many customers have today.  For those customers, this will be the only obvious difference between the appearance of the old and the new meter. 

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.

There will be no charge for the meter or the labor to install the meter.