The smart grid is the evolution of our current electrical grid, using new technology to optimize the conservation and delivery of power. All told, the smart grid promises to increase the efficiency of today’s system by around 9% by 2030, saving more than 400 billion kilowatt-hours each year. That’s huge. That means we could save $42 billion in year 1 and as we keep saving energy, its value each year only increases.

The "grid" refers to our nation's electric power infrastructure. Smart grid is the application of information technology, tools and techniques that can make the grid run more efficiently. The current electric grid is highly inefficient and very much in need of modernization.

One of the major potential benefits of smart meters is their ability to give consumers access to detailed data on their electricity usage via an in-home display or internet portals. In-home displays are not yet widely available but should become available with a variety of options in a range of prices in the future.

Details will vary based on the technology but an example is that you will be able to see online usage reports as recent as the previous day. Residential customers will see usage in hourly increments; business customers will see usage in 15-minute increments.