A smart meter records electricity use at regular intervals and sends readings electronically to your retailer, so manual readings are usually unnecessary. It may provide more accurate bills and help you track when you use the most power, but having one does not automatically reduce your costs. Your retailer may offer time-of-use or other tariffs that charge different rates at different times, so check the plan’s rates and conditions before switching. Installation, replacement and data arrangements can vary by state, distributor and retailer.