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In 2023, the number of residential smart meters in the United States amounted to 112 million, 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 the early 2020s. Despite having a strong domestic energy sector, the price of electricity in the U.S. increased by four percent in January 2025. Additionally, the consumer price index for energy in the U.S. shot up to 136 in 2024. These cost increases prompt consumers to investigate how 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 2022. In 2023, 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.