President Obama announced that 100 projects have been selected to receive $3.4 billion in funding. The cost-shared funding arrangement means the total invested will be $8.1 billion.
The projects, which range across 49 states, will result in 18 million smart meters installed in homes as well as programmable thermostats to help homeowners monitor energy use.
700 utility substations will be automated, 200,000 new digital transformers will reduce black-outs, and 850 grid sensors will allow utilities to monitor the grid more effectively.
The goal is to deploy 40 million smart meters in the next few years. The wall-based units monitor the amount of electricity consumed by appliances and can turn them off during peak energy times of day.
Recipients will receive checks by the end of this year and projects will be completed in one to three years. The winners were chosen from 400 applications.
It will also create save or create tens of thousands of smart grid jobs, such as equipment installers and electrical engineers.
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