Central Maine Power Co. is receiving nearly $100 million in federal stimulus money to install "smart meters" for its 600,000 customers.

The $96 million Recovery Act grant for CMP is part of $3.4 billion being doled out for 100 projects nationwide to modernize the electricity grid, according to the Associated Press. CMP will match the grant, making the total project cost nearly $200 million, according to a press release from Rep. Chellie Pingree's office. CMP plans to start installing the meters early next year and finish by mid-2012.

The smart meters will allow electricity rates to be adjusted based on overall system demand and give consumers the ability to track their real-time consumption, which could help people lower their electric bills, according to the release.