One embodiment describes a utility metering system. The utility metering system includes a utility meter that is communicatively coupled to a utility service provider, in which the utility meter includes firmware. The utility meter stores a firmware update downloaded from the utility service provider, and determines a particular time to update the firmware with the firmware update, in which the particular time is determined based at least in part on historical time of use data, time of use pricing rates, or a combination thereof. The historical time of use data include utility consumption by a consumer over time and the time of use pricing rates include the price per unit of utility charged to the consumer. Additionally, the utility meter updates the firmware at the particular time.