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What is a SMART meter?

"Existing meters are  not  smart since  they only sum  the total energy  used   in a given   period    ( typically meters are  billed  every sixty  days for residential  customers). SMART Meters is the  name  now  commonly   used  for time-of-use and interval meters. A smart meter allows your local electricity / water distributor to track how much  electricity / water their customers use and more  importantly, what  time of  day you  those resources are used.

The goal is to raise awareness  about  the cost of power and to encourage consumers to reduce their consumption during times when the price is high. The smart meters  specified by  the  utilities have two-way communication  capabilities to allow them to communicate   with the meters and retrieve billing quantities automatically and  remotely thereby dispensing the need for manual meter reading services and further reducing  the overall expense to the consumer."