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The drastic rise of renewable energy, electric vehicles, and electronic loads is deteriorating distribution networks' power quality (PQ), affecting utility companies' profitability and consumer satisfaction. Therefore, it is imperative to implement a PQ monitoring system at the consumer level and enforce a quality-constrained tariff scheme to regulate the PQ issues. This article presents the design and development of a low-cost smart energy meter that accurately measures 25 essential PQ parameters every 0.2 s and transmits the data to a server at one-minute intervals. Further, these parameters are used for remote PQ monitoring and PQ-based tariff implementation to regulate reactive power and harmonics in the distribution network. The smart meter is calibrated and tested with standard meters and validated in laboratory-scaled diversified supply voltage and load scenarios, demonstrating accuracy, practicality, and …