The Federal Energy Regulatory Commission estimates that smart meter penetration in the U.S. stands at less than one-quarter of potential users. While conversion to smart meters runs high in such states as California, Michigan, Nevada and Texas, the switch is lagging in 28 states in the continental U.S., according to GTM Research. "There's still a lot of geographic area left for smart meters," GTM's Zach Pollock said. "Growth in the future is going to be slower and more incremental, but we're not nearing saturation."

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