The internet of things (IoT) makes it possible to measure physical variables and acquire data in places that were impossible a few years ago, such as transmission lines and electrical substations. Monitoring and fault diagnosis strategies can then be applied. A battery or an energy harvesting system charging a rechargeable battery typically powers IoT devices. The energy harvesting unit and rechargeable battery supply the sensors and wireless communications modules. Therefore, the energy harvesting unit must be correctly sized to optimize the availability and reliability of IoT devices. This paper applies a power balance of the entire IoT device, including the energy harvesting module that includes two thermoelectric generators and a DC–DC converter, the battery, and the sensors and communication modules. Due to the small currents typical of the different communication phases and their fast-switching nature, it is not trivial to measure the energy in each phase, requiring very specific instrumentation. This work shows that using conventional instrumentation it is possible to measure the energy involved in the different modes of communication. A detailed energy balance of the battery is also carried out during charge and discharge cycles, as well as communication modes, from which the maximum allowable data transfer rate is determined. The approach presented here can be generalized to many other smart grid IoT devices.