A system and method for providing an additional option function to existing functionality of a meter device configured for measuring parameters of energy is provided. The meter device is coupled with an option device for exchanging data between the meter and the option devices along at least one data path, including exchanging initialization data provided by the option device between the meter device and the option device, wherein the initialization data is useable by the meter device for configuring the meter device to be in condition to operate with the option device. The data exchanged between the meter device and the option devices are processed by at least one processor. Upon the coupling of the devices and the exchanging of the initialization data, the meter device is operated with the option device for adding the option function to existing functionality of the meter device.
This application is a continuation application of an application filed on Mar. 28, 2005, assigned U.S. application Ser. No. 11/091,254, entitled "System and Method for Providing Universal Additional Functionality for Power Meters", now U.S. Pat. No. 7,184,904, and which claims priority under 35 U.S.C. section 119 to U.S. Provisional Application Ser. No. 60/645,439 filed on Jan. 20, 2005, and entitled "Universal Option Slot For A Power Meter", the entire contents of both applications are expressly incorporated herein in their entirety.