U.S. residential smart meters 2012-2022

In 2022, the number of residential smart meters in the United States surpassed 100 millions, up from less than 40 millions in 2012. This trend suggests a growing awareness and adoption of smart meter technology among American households. 

Energy costs on the rise

This increase in smart meter usage may be due in part to rising energy costs around the world. While the United States has not been hit by rising energy costs in the same way as many European countries, it has not been immune to the global fuel shortage in 2021 and 2022. Despite having a strong domestic energy sector, the price of electricity in the U.S. increased by five percent year-over-year in March 2024. Additionally, the consumer price index for energy in the U.S. shot up to 147 in 2022. These cost increases prompt consumers to look for ways to save on their energy bills. Smart meters can help households track their energy usage and identify areas where they can make changes to reduce their energy consumption.

The energy crisis in Europe

Energy costs have also been a concern in Europe, where many countries are heavily reliant on Russian energy imports. Energy price hikes have hit the European countries particularly hard, where wholesale electricity prices have surpassed 400 euros per megawatt-hour in August 2022. In 2022, the share of households equipped with a smart meter in Europe ranged between 100 percent in Spain, Italy, and the Nordic countries and one percent in Germany.