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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."