Mad Money: Cramer said there's a SMART GRID revolution coming !!!

Smart Energy Grid
By Scott Rutt 10/19/09 - 06:38 PM EDT

Cramer said there's a revolution coming, and this one doesn't have anything to do with smart phones. He said that after long delays, it looks as if the country is finally beginning to make the switch to a smart energy grid.
Cramer said he was tipped off by General Electric (GE Quote), which recently reported that its first smart-grid appliance, a hybrid electric hot water heater, will be rolling out soon. Unfortunately, GE is too large for smart-grid technologies to "move the needle," said Cramer, but that's not the case at Itron (ITRI Quote), the leader in smart-power meters.

Cramer said he's been wrong on Itron, which he first recommended on April 27 during a "green week" segment at $100 a share, but he now feels that with President Obama's blessing, and GE's move into the space, the transition to a smarter-energy grid is coming.

Itron makes smart power meters, which allow utilities to monitor usage at hourly intervals, and even turn on and off smart-enabled appliances to help conserve and manage power. Cramer said smart meters are the first step toward a smart grid, and Itron's growth is showing that the trend is catching on.

Itron currently trades at 14 times its projected 2011 earnings, despite a 26% projected growth rate. Cramer said that makes Itron cheap, especially given shares are down 11% year to date and the country is still in the very early stages of a long-term trend towards smarter, and greener, power management.