This same principle is used by devices such as the Black and Decker power monitor. I used to use one and it would update every 30 seconds to a minute depending on its mood and would display 300 watts minimum(often rounding up or bouncing between 300 and 0 with each update) but the kwh count remained accurate to the meter. My meter is a dial instead of a digital but the device handles both.
Just in case you need any ideas, you could look at that to see what features you might want.
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