Utility companies have been rolling out "Smart Meters" to homes using the "IT WILL SAVE YOU MONEY!" angle as the main selling point to get homeowners to have them installed. These devices automatically send usage readings to the electricity provider over a wireless connection, allow consumers to see their electricity consumption more accurately, and eliminate the practise of "estimated" bills.

But are the devices really all that they're made out to be? Many people are suspicious, for a number of reasons, about the push for these devices to be installed. The obvious question being "How will it save you money?". Technically, it doesn't. What it does is allow you to see your costs more clearly (how much electricity you're using at any given time) and thereby allow you to change your usage habits in order to reduce your costs.
The other side of this coin is that when the service provider can see your usage habits, they can also impose tariffs that will hit you at times that you use the most electricity.

For any device that transmits data across some type of network, there are always concerns about data security. People naturally question whether their data is safe, and if their information will be sold to third parties (as happens with DVLA data). Will you suddenly start getting unsolicited mail offering to help lower your electricity bill, or offering to help make your home more energy efficient, or the latest offers on fridges/freezers/microwaves/stoves that use less energy?
Beyond this, there are also concerns about monitoring. Through the meters, the utility provider can see patterns of usage which will allow them to see fairly easily whether someone is home or not. Is it too far-fetched to wonder what else is being monitored and transmitted - audio? Video?

Seeing as we live in a capitalistic society, if the electricity companies are pushing for the installation of these smart devices, it's safe to say that it's for their benefit and not the customer. By being able to get readings automatically, utility companies no longer need to employ meter readers thus saving themselves millions in wages and tax contributions. Chi-ching. Massive returns for shareholders.
Additionally, the devices allow electricity supply to be cut off remotely without the need to send out a technician. More savings for the company. More people in the unemployment line.

What are your views on these devices? Smart meters or just a plain dumb idea?