It is possible to slow the speed of the rotation of the disk in an electromechanic meter by attaching powerful magnets to the outside of the meter. The magnets can interrupt the interaction of the magnetic fields within the meter and cause the disk to slow.
Keeping this in consideration, can magnet affect electric meter?
Q: Does the magnet slow down the smart electrical meter? No. Since the readings of both voltage and current do not involve any magnetic instruments, placing a magnet by the meter has no effect.
Furthermore, can you stop a water meter with a magnet? A neodymium magnet influences the magnetic clutch of the dry dial water meter, causing a complete stop of its measurement despite flowing water (Figure 3).
Subsequently, one may also ask, can Magnet reduce electric bill?
Unfortunately for your electric bill, the answer is a fairly resounding no. It records the amount of power currently being drawn. So with all that out of the way, let's discuss why the magnets won't work.
Can magnets be made with electricity?
Yep, just as we can make magnets from electricity, we can also use magnets to make electricity. If you move a magnet quickly through a coil of copper wire, the electrons will move - this produces electricity.