Power quality and energy consumption measurements support providers and energy users with solutions for acquiring and reporting information about the energy supply for residential, commercial, and industrial sectors. In particular, since the average number of electronic devices in homes increases year by year and their sensitivity is very high, it is not only important to monitor the total energy consumption, but also the quality of the power supplied. However, in practice, end-users do not have information about the energy consumption in real-time nor about the quality of the power they receive, because electric energy meters are too expensive and complex to be handled. In order to overcome these inconveniences, an innovative, open source, low-cost, precise, and reliable power and electric energy meter is presented that can be easily installed and managed by any inexperienced user at their own home in urban or rural areas. The system was validated in a real house over a period of two weeks, showing interesting results and findings which validate our proposal.