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As the deployment of smart home IoT devices and smart grid infrastructure grows, the threat of cyberattacks has become a pressing concern. The common vulnerability exposure (CVE) of smart grid infrastructure presents a prime opportunity for attackers to launch cyberattacks, often exploiting the vulnerabilities of medium and vulnerable smart home IoT devices. This paper presents a comprehensive analysis of cyberattacks launched on the smart grid through vulnerable IoT devices, using key security metrics to evaluate the attacks' success probability and path analysis. Our main contribution is decreasing the attack success probability, risk, and cost to attackers while increasing the unlikelihood and rarity of attack paths. To achieve this, we created four case study models using the GridAttackAnalyzer on the Feeder R4-12.47-2 of the Pacific Northwest National Laboratory (PNNL). Additionally, we developed a fifth model that deploys patching of CVEs for the previous case studies. Our analysis revealed that our models are the first of their kind created using the GridAttackAnalyzer, and the patch model has successfully achieved the aim of reducing the attack success probability and risk to the smart grid system. The findings of this study can inform the development of effective cyber defense strategies for smart home IoT devices and smart grid infrastructure.