New, smart utility meters have been installed at a rapid rate at consumers’ locations in major U.S. markets. For example, CenterPoint Energy has installed 2.3 million smart meters in Houston alone. These digital meters transmit usage data to utilities, display price fluctuations to customers and alert utilities to service interruptions instantaneously. The meters save utilities the cost of employing meter readers. At the same time, they promote conservation, since homeowners can plan activities such as washing clothes or charging plug-in devices at night, when usage on the grid is down and prices are lower. This variable electricity cost is known as dynamic pricing. (Electric utilities may find it less expensive to encourage conservation than to go through the extremely difficult process of licensing and constructing new generating capacity.) Homes with solar panels can use the smart meters to measure and sell excess power back to a utility.
There’s even the ability, for homeowners willing to participate, for utilities to remotely adjust air conditioning and heating systems to cheaper settings when demand is high. For example, some Exelon customers can elect to enroll in PeakRewards. The utility installs a special air conditioning thermostat and water heater switch in the home. These controls are able to turn off the appliances or reduce usage during times of peak electricity demand. Homeowners may adjust settings remotely as well.
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