Connected Electricity Monitor

As I've been further researching existing smart monitors, I modified the basic design. I used Sketchup to throw together a 3D model to illustrate the idea. It's not perfect, but should convey the concept more effectively.

Hardware

1. How do smart meters hook up to electrical circuitry in a home?
2. Will an Arduino-based solution have a problem with interacting with such a large voltage?
3. How will the user change preferences and settings on the device?
4. What components are necessary for user to interact with monitor?
5. How much information should be shown on the monitor's screen?
6. What is the device's optimal size in order to facilitate user interaction well?
7. Research possible patent issues

Software

1. Determine minimal viable product scope
2. Plan the API endpoints
3. Architect database schema
4. Set up temporary hosted server
5. Wireframe user interface
6. Outline possible, future use cases to determine marketability.

I just had this idea today, so I'm starting the project here on HAD to begin work on it. With a sizeable adoption rate, this device and surrounding social implementation has the possibility to impact the global environment in positive ways.