120 million smart meters in US in 2022

In 2022, 77% of households and businesses in the US had smart meters, the Edison Foundation’s Institute for Electric Innovation has reported.

The Institute further projects that the number of installed smart meters will reach around 134 million in 2024 and 142 million in 2026.

In its latest annual smart meter brief, the Institute points to smart meters continuing to be an important technology for the electric power industry, as they enable more rapid two way communications between electric companies and their customers, enhance grid resiliency and provide new services for customers.

Smart meter data enables expanded pricing programmes and demand flexibility for residential customers and its meters help customers better understand their energy usage.

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In 2022, more than 15 million homes and businesses participated in time-varying pricing programmes in the US.

Despite these benefits the Institute’s brief highlights that while many states have achieved over 75% penetration of smart meters, several, particularly the more northern states, have lower penetrations with 12 having less than 50% and three – New Mexico, Massachusetts and Rhode Island – with less than 15%.

However, these are set to fast catch up with rollouts proposed or under way by among others El Paso Electric and PNM in New Mexico, National Grid in Massachusetts and Rhode Island Energy in Rhode Island.

The Institute doesn’t specify the source of its data, but it is broadly in line with other assessments.

The EIA tabulates 119 million AMI meters in 2022, while Berg Insight reported 130.6 million smart meters in 2023 along with an expected 3.8% growth rate to reach 94% penetration by 2029.

The next assessment of progress in the US should appear towards the end of the year in FERC’s annual update.