[Editor’s Note: We were informed the 2 million number on smart meters is only partially correct. It turns out this number references those funded by the Recovery Act. If you take into account those installed via other funding sources, it actually jumps to over 16 million, with plenty more on the way.]
Smart meter installations around the country seem to be going on at a quick pace, so much so that the U.S. Department of Energy (DOE) announced yesterday that over 2 million of these two way communication devices have thus far been placed in homes and businesses nationwide.
The DOE, citing an analysis by the Electric Power Research Institute, said that the implementation of smart grid technologies could reduce electricity use by more than 4 percent annually by 2030. This translates roughly into a savings of $20.4 billion for businesses and consumers around the country each year.
In Ohio alone, where U.S. Energy Secretary Steven Chu was promoting the latest smart meter data, more than 180,000 smart meters have been installed. It terms of projected energy savings by 2030, more than $700 million is believed possible to be saved using smart meter technology.
“As a result of an unprecedented investment from the Recovery Act, smart meters are being installed in Ohio and across the country to create a more reliable, modern electrical grid and give consumers the ability to monitor and control their energy use,” said Secretary Chu in a statement. “Smart Grid technologies will give consumers choice and promote energy savings, increase energy efficiency, and foster the growth of renewable energy resources.”