What is a smart meter?

Smart meter is usually an electrical meter that records consumption of electric energy and communicates the electric usage information to the utility services for billing and monitoring purposes. Smart meter comes with two-way communication between the central system and the meter. Smart meters can gather data for remote reporting which is not possible with the ordinary home energy monitors. Simply by checking out the meter readings on the meter you can get to know how much of energy used for your home. It is also possible to save money on your energy bills by comparing the rates of the energy service providers.