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In recent years Home Energy Management (HEM) system, a Smart Grid (SG) technology has been widely used to reduce electric power consumption in home appliances. A significant amount of research has been conducted in order to make home energy consumption more efficient to control the power demand and supply. In this paper we present an organized review of various HEM schemes. The prime objective of HEM system includes energy saving, reduce Peak to Average Ratio (PAR), electricity consumption cost, peak demand and energy wastage. In this paper we discuss about, a.) Various pricing technique such as Real time Pricing (RTP), Time of Use (ToU), Critical Peak Pricing (CPP), b.) Various HEM schemes for Energy Management. The SG applications such as HEM, DES etc. leads toward efficient energy consumption. The results of these HEM program show how domestic electricity consumption became more efficient, reliable and smarter. This work presents the effect of smart grid development on social, economical and power sector. This paper reviews different research works on a wide range of energy management techniques for smart home aimed at reducing energy consumption and minimizing energy wastage.

A Compilation of various Home Energy Management Systems in Smart Grid Networks