Energy consumption demands are rapidly increasing every year, with an 8% annual growth rate projected for the next five years. As buildings represent over 35% of this demand, a metering system is required for monitoring to accurately calculate costs. This paper explores the evolution and impact of energy management through smart meters, emphasizing their superiority over traditional electromechanical devices, in applications such as minimizing power losses and enhancing grid reliability. This study compares the performance of five distinct metering systems, including electromechanical and advanced smart meters. Real-time testing across various scenarios is incorporated, examining parameters such as real and reactive power measurement, accuracy and adaptability to smart grids. Key findings revealed that smart meters, notably the EDMI Mk10A, outperform legacy systems in precision, data transmission and energy optimization. In addition, the potential of smart meters to enable dynamic cost calculation and prevent electricity theft is evident. Despite their advantages, challenges such as data privacy, installation costs and electromagnetic radiation concerns, persist. Future investigations to address the identified limitations are required.