The advantages of smart grid technologies to the environment and the people are obvious. If you compare the benefits to the customers after and before the smart gird is installed then the difference is quite visible.
Let us have a quick look at the other economic bonuses of smart grid technologies.
The new grid technology will work seriously on supply and demand management. It will know when and where more energy is needed during peak hours and it will prevent wastage of energy. For example, the grid will supply the exact amount of energy as per the requirements so that there is no wastage at all. Hence without wastage the generation and deliverance of energy will become far more efficient and cost effective.
The smart gird will work on a multi tiered energy program. This means the grid will have different power charges during the day depending on the actual demand for power at a particular period of time. Instead of paying a uniform rate the consumers will have to pay according to their actual energy usage during peak times.
The vehicles will also be integrated to smart grid as people would normally take their vehicles out during peak times and will charge the vehicles at night during off peak times. Compared to the old meters that just monitor how much energy is consumed by a home the smart grid will provide accurate readings as to where the energy is getting wasted.
In short, energy wasters will be charged more. Energy sucking devices and outdated appliances would be replaced by new and smarter devices so that as much energy as possible can be saved.
With the implementation of the smart grid system the consumers will become more aware of saving energy when it is not required as energy wasters will be charged more. There will be lesser need for electrical plants and more substations. The government will provide subsidies and grants to offset the cost for up gradation of the existing grids to smart grids. However there are many questions still remaining unanswered nationwide. However these problems will be solved gradually.