The need for reducing carbon footprints is increasing day by day, as the pollution levels across the globe are on a rise. The excessive dependence on energy that is generated from fossil fuels has led to current energy crisis, which is why it is important to shift the focus towards energy conservation and resources that produce clean power. Due to these factors, research & development has been going on for coming up with solutions that can aid in conserving energy without compromising on its surging demand across the globe. These activities have resulted in the development of smart grid technology, which can be defined as the digital technology that enables two-way communication between customers and the utility.