LOUISVILLE, Ky. — The state’s two largest electric utilities are planning to install 1.3 million upgraded meters in homes across the state.

A release from Louisville Gas and Electric Company and Kentucky Utilities says the two utilities would invest about $350 million in the three-year project. The new smart meters would improve service and give customers real-time data on their energy usage.

LG&E and KU will ask the Kentucky Public Service Commission for approval to install the meters.

The meters allow utilities to better determine where outages are occurring and quickly diagnose the cause.

The utilities plan to offer an opt-out for customers who do not want the meters, but that option would come with a monthly cost.