Wow, I have to admit this is a new one on me.
I know panel surge suppression systems exist.
I install them, and own one myself, and I know that they do in fact work (The ones I install in the panels).
Now as for this SMUD one at the meter, I don't know anything about the product they are installing.
Good idea for at the meter surge suppression? Yes.
Does what they install, actually work very well? I have no idea...
I will do some research and see if I can find out what brand they are using, and what the reviews on it are and such.
I'll ask around too and see if anyones has had experience with these at work.
Seems like a good price per month, and if you plan to use it very long term you can buy the ones we install for like $600-$800 and come out ahead in like 9.5 years.
BUT I don't think ANY surge suppression system will last that long, unless you have EXCELLENT power, which SMUD sucks, and so does PG&E.
After they take so many hits they don't work anymore, so it may be a good deal because after the SMUD unit gets hit too many times, THEY have to replace it at their cost.
And you don't have to pay them to install it VS the ones I install must be installed by a professional electrician and requires another 2 pole 50 amp breaker in your panel.
So IF their product works well, I'd says it's a very good deal.