Electricity is the most requisite energy in modern times. IoT based energy tracking and bill estimation system discussed in this paper has an objective to build awareness among household and industrial consumers about their usage of this energy. It does so by displaying real-time estimated electricity consumption by each load connected to it and real - time estimated bill of total consumption on a monitor unit. The novel approach used in the proposed system is the integration of a cloud-hosted database and control unit. A smart power meter is usually an electronic device that records the consumption of electric energy in intervals and communicates that information at least daily back to the utility for monitoring and billing. Smart meters enable two-way communication between the meter and the central system. To save energy when unused, users can operate the control unit to transmit switching instructions for loads. The proposed system also uses Node MCU, 4-channel relay module, and android application. Node MCU fetches average consumption detail of loads from and logs estimated bill to the cloud-hosted database, monitors the duration for which each relay in a 4-channel relay module was switched-on, performs calculations, and transmits real-time results to an IoT cloud interface. This paper provides highlights on cloud-hosted database details, hardware design, IoT cloud interface application design, and working principle with mathematical modelling of the proposed system and tested results of this system are discussed, with the cloudhosted database and IoT cloud interface. The potential of smart metering relies profoundly on the policy and decisiveness of the legislative bodies mixed up. Energy savings and an improved security of supply are the major drivers and deems in smart metering as huge targets of a nation. In our project, the smart meter is implemented with control over the usage of current and payment via internet.