A smart meter records electricity use at regular intervals and sends readings remotely to your electricity retailer, so manual meter reads are usually not needed. It may provide more accurate billing and help households track usage, while some plans use time-of-use rates that charge different prices throughout the day. Installation arrangements, fees and whether your tariff changes depend on your retailer, distributor and state or territory rules. Check with your electricity retailer before agreeing to an installation, and compare the available plans and rates carefully.