We really do not pay much attention to electricity. We expect that it will be available at all times and only really notice when the power is out. We get our monthly invoice and just pay whatever is at the bottom of the statement. My experience with business owners is that they really do not understand the invoice, they are not aware of how they use electricity, or how "demand charges" can have a large influence on the costs of electric service. The only way to identify energy use trends is to compare by monthly use.
A smart meter records consumption of electric energy in intervals of an hour or less and communicates with the utility for monitoring and billing. Smart meters enable two-way communication between the meter and the electric service provider. With the emergence of the technologies that make smart grids possible, companies can provide their customers with the information needed to change behavior patterns and reduce usage and costs.
Smart meters can be used by building automation systems to monitor and control electrical loads to reduce energy waste. Smart grids use sensors and controls to monitor the flow of energy from the power plant to an individual load. The power company can optimize grid performance and allow consumers to manage energy usage. "Smart" grids can also incorporate new renewable energies such as solar and wind power, and interact locally with distributed power sources.
Smart meters can be very helpful for consumers to control their use of electricity. There are privacy concerns and meter accuracy issues that need to be resolved. One smart meter concern speculates that these devices are spies on our activities and result in loss of privacy control. Electric meters measure consumption but don’t distinguish between watts used by a water heaters, HVAC, or lights. A meter measures the amount of electricity being used, not how it is being used, who is using it, or why it is used. As long as data privacy guidelines are enacted consumers will have control over their privacy.