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A smart meter is a digital electricity meter that tracks how much power a home or business is using. The meter then sends this information to the utility company so that the customer can be billed for their electricity usage.

Smart Meters can help customers save money on their electricity bills by providing them with real-time data on their power usage. This information can be used to make changes to the way electricity is used in the home or business, such as turning off lights when they are not needed, or using appliances during off-peak hours when electricity is cheaper.

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Utility companies can also use smart meters to improve the efficiency of the power grid by reducing the need for expensive infrastructure upgrades. For example, if a utility company knows that a certain area of the grid is consistently overloaded during peak times, they can take steps to alleviate the problem without having to build new power lines or substations.