**5. Cost assessment**

**Table 2** presents lists of all variables considered in the smart energy meter design and development, including their costs. The overall cost of the designed smart meter prototype was evaluated to approximately US \$ 157. The cost of producing a unit may seem expensive due to the procedures and methods of executing the design. However, a cost comparison between the developed smart energy meter


#### **Table 2.**

*Smart energy meter individual component costs.*

prototype and selected intelligent energy meters (See **Table 3**) with similar functionalities available in the market was conducted. This comparison demonstrated that the project is cost-effective. For mass production on a commercial scale, the cost will further reduce since components are purchased in bulk.


#### **Table 3.**

*Smart energy meters in the market.*

Furthermore, economies of scale can be described as the cost benefits companies acquire when production becomes effective. It is of utmost importance for every company to increase its production, enhancing the lowering of costs. Reference [31] states that mass production and mass customization determine manufacturers' products' behavior. A system that engages mass production operates within a standard that generally accepts and forecasts price reduction through economies of scale. And the price difference between mass-produced and customized goods helps lower the prices of units to achieve 'low-cost' in its generality.
