This paper presents an IoT-based smart metering system for real-time monitoring of electrical parameters such as voltage and current. Integrating precision sensors with an ESP8266 microcontroller allows the solution to seamlessly transmit data to cloud platforms such as Firebase and MongoDB. MongoDB optimizes historical data querying, reducing query time by up to 50%, whereas Firebase uses real-time data storage to address scalability and efficiency. Users can efficiently track and examine energy usage patterns using the interactive visualizations and data export features provided by a custom dashboard built with Django and Chart.js. In addition, when energy consumption exceeds predetermined levels, users are notified via a Twilio SMS alert mechanism. The proposed solution is a scalable and effective tool for smart energy monitoring in residential and commercial settings, as it improves real-time data management, user engagement, and system performance.