Get smart metering: Save up to $140 a year
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| Time-of-use meter Time-of-use meters replace the existing meter and attach to the meter box. They enable you to pay less for electricity used at certain times of the day. Photo courtesy of Central Hudson Gas & Electric Corp. |
Smart metering programs vary among utility companies, but the basic idea is the same: The utility installs a special “smart” meter that tracks how much electricity you’re using. The utility uses that data to make sure its power grid doesn’t get overloaded and cause blackouts. If the grid nears capacity, the utility can shut off major appliances in homes for short periods of time (such as 15 minutes per hour). Not all companies offer smart metering, but some do and many others are considering it.
What’s in it for you? Money! Some programs pay for signing up. Others let you view your home’s usage online in real time so you can better manage your electrical consumption. Others let you choose “real-time” or “time-of-use” pricing that allows you to pay less for electricity that’s used during off-peak hours (for example, on weekdays from early afternoon until 8 p.m.). These plans reward you for using electricity when it’s cheapest. Smart metering makes the most sense if you’re away from home all day—you won’t notice or care if things get turned off (although it’s a good idea for everyone else too!). According to SRP, a power utility company, the plans cut 7 percent off your bill, which is $140 for the average $2,000 yearly energy bill. Check with your local company to find out what smart metering programs are available in your area.
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