Rebecca Smith

After struggling to sell cutting-edge products to utilities, technology companies are sensing better times ahead with the influx of $4.5 billion in federal stimulus funds for so-called smart-grid projects.

Not everyone thinks smart meters are such a smart use of money. Utilities are spending billions of dollars outfitting homes and businesses with the devices, which wirelessly send information about electricity use to utility billing departments and could help consumers control energy use.

Wireless carriers are setting their sights on so-called smart grids as a big business opportunity that could juice up earnings by utilizing excess capacity on their cellphone networks. The upshot for consumers is they may eventually be able to monitor and control home-energy use through a cellphone that talks to a digital meter and other devices, though that service is still in development.

The housing and financial crisis convulsing the U.S. is powering a new wave of government regulation of business and the economy. Federal and state governments alike are increasingly hands-on in their effort to deal with failing businesses, plunging house prices, worthless mortgages and soaring energy prices.