The present invention is a power management device for connecting a power consuming device to a power source so that the device switches the connection on and off automatically based on the power rate (price per kilowatt-hour) obtained from the power supplier. The user may specify a power usage specification, such as a maximum power rate that the user is willing to pay, and then the device disconnects the power from the power consuming device whenever the power rate is greater than the maximum power rate, and turns it on again when the power rate becomes less than or equal to the maximum power rate. The device includes a programmable controller, wireless and ethernet interfaces and can also act as a wireless access point.