With consumers now considering the use of smart meters as a way to save money and new government initiatives promoting their adoption, home energy management is poised for growth. The chart below, from the market research and consulting firm Park Associates, predicts that in three years there will be 6 million households with smart meters.

Google, who has its own plans for smart metering, has apparently claimed that the market is more like 40 million households. Regardless of the numbers, the adoption of ways to better see, understand, and manage energy at home is clearly beneficial. Consumers are looking for ways to cut costs as the recession hits and energy prices rise. More people will soon be able to see what activities and appliances use the most power, and at what time of the day, by looking at a chart of their electricity usage similar to the one shown below.

Adjusting those activities to times of off-peak energy consumption or cutting back on consumption when it reaches a certain threshold is good not only for the wallet but also the environment. While an initial investment is needed to install a smart meter, the economics are finally at a point where it makes sense to upgrade to new greener and cleaner technologies. Going green may let you keep a little extra ”green” in the bank.

- Justin Manger