Why would a home have two meters? Single family home, raised ranch.
Many times the second meter is for the electric water heater as electrical is charged at a lower rate. Only the electric water heater can be connected to that meter. That was a 70s discount from the electrical companies that no longer exists. Once removed they will not let the meters be reconnected.
AC current requires a meter for the electricity coming in and the electricity going out.
Ok, I’ll bite. What’s the punchline here?
Another reason for two meters;
Back when the power company was offering bonuses and special rates for heating equipment as an incentive for customers to purchase heat pumps in my area, we had to install a separate electric meter just for the heat pump and strip heaters.
As I recall, the only other thing that was allowed on the heat meter was the air handler (or gas furnace) blower motor.