Google’s (GOOG) PowerMeter has started a new chapter. When the company first introduced the free electricity monitoring software back in February, usage was limited to those consumers that already had a smart meter. Management has since been in talks with various device makers and utilities in search of a solution.

The company has now announced its agreement with Energy Inc., which is the maker of a power usage measuring device called TED 5000, or “The Energy Detective”. The device can be bought at a minimum cost of $200, which can go up to $300, depending on the features selected.

Installation of Google’s PowerMeter software on the device enables consumers to get near-real time information on power consumed. The system can provide information at 10-minute intervals, compared to roughly a day for the smart meter system currently offered by some utilities.

The delay related to utilities is due to the fact that information has to be aggregated and transferred back to the control center back office where it is again de-aggregated and connected to users’ accounts.

We believe this is just the first of a number of similar deals that should materialize in the next few quarters. First, because the agreement is non-exclusive; second, because Google continues to work with its utility partners, Sempra Energy’s (SRE) San Diego Gas & Electric and Germany’s Yello Strom; and third, because this agreement covers only North American consumers. We expect Google to announce similar agreements in other geographies as well.

Earlier this year, the Semiconductor Industry Association (SIA) published a study by the Washington DC-based American Council for an Energy-Efficient Economy (ACEEE) commissioned by SIA. The study concluded that semiconductor enabled technologies would play a key role in the conservation of power over the next two decades.

Consequently, the number of technology companies getting involved in the process continues to increase. For example, International Business Machines (IBM) and Cisco Systems (CSCO) have both started programs focused on the smart grid. On the lighting front, companies like Cree (CREE), Phillips Lumileds, Osram and others have also focused initiatives based on energy efficiency.

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