Smart meter is a device that provides customers direct and 24/7 access to information on their individual energy consumption.
This information can be used by customers to customize their energy use and take informed decisions about how and when they would benefit from using the electrical devices in their homes.
Smart meters also offer customers with benefits through new tools and programs such as Peak Time Savings, where it rewards customers for reducing their energy use during peak hours.
ComEd customer operations senior vice president Val Jensen said the new smart meters are at the heart of what they believe will become the electricity network of the future.
"It will provide the intelligence our customers need to make smart energy choices. Along with the meter deployment, we’re working hard to bring our customers new products and services that will increase the value they can get from this network," Jensen added.
Till date, around 300,000 smart meters have been installed in the Chicago, and with the new approval, the number will go up to four million smart meters by 2018, bringing the completion date closer from originally set 2021 and resulting in customer savings of $170m.