This report presents a step-by-step process for estimating the costs and benefits associated with Smart Grid demonstration projects. In its entirety, the guidebook is meant to function as a standalone user’s manual for the analysis process, from the initial step of describing the project to the final step of communicating the results to all stakeholders. This revision of the Guidebook updates and supersedes the material in the original Volume 1, published in 2011, but goes further by adding detailed discussion of monetization of benefits. The steps included in this combined volume present detailed instructions beginning with the overall design of the demonstration project, leading to execution of the research plan and analysis of data produced. The basic methodology is built on the framework described in the Methodological Approach for Estimating the Benefits and Costs of Smart Grid Demonstration Projects, published by EPRI in January of 2010.