The adoption of smart grids is becoming a common reality worldwide. This new reality is starting to impact energy customers as they face a dynamic grid in which they can actively participate. However, if energy customers are not prepared to participate actively, they can have their energy costs increased. This paper provides a review of acceptance models and customer surveys around the world made to assess the customers’ perception and willingness to participate in smart grids. Contributing to this assessment, this paper presents a survey undertaken in Portugal. The survey results demonstrate a willingness, from the customer’s end, to actively participate in smart grid initiatives. It was found that 92.9% of participants are willing to plan their energy usage to face hourly energy prices and that 95.0% of participants are willing to accept an external control of at least one appliance, enabling direct load control demand response programs. Also, the results identified two cognitive tendencies, negativity bias, and loss aversion, which can impact how customers participate in smart grids. These cognitive tendencies and the literature acceptance models demonstrate the importance of conducting social science studies targeting smart grids to fully achieve the efficient participation of end customers.