In terms of terminology, I believe you want a numeric meter rather than a solid state meter. I believe that we can classify meters the same way relays are classified; a progression from electromechanical to solid state to numeric. Most solid state relays are now considered obsolete. As a quick reference, in an electromechanical device the AC analog quantities do something, turn a disk, resist the turning of a disk, etc. In a solid state device, the AC analog quantities are rectified to DC, filtered (either before or after rectification) and operated on using comparators. In a numeric device, the AC analog quantities are digitized and assigned numeric values; all operations are mathematical equations. Numeric is often referred to as microprocessor, but that can be misleading as some solid state relays include microprocessors for some functions but do not have numeric representations of the system values.
As far as payback, if you're successful at keeping your electromechanical meters calibrated and all you want from the new meters is the same old stuff there won't be any payback to speak of. But if you want to do something else, like automatic meter reading or providing fancy usage snapshot graphs to the customers, then the meter replacement payback calculation must include the value of those benefits. The elimination of the whole meter-reading department could make for a short payback period, but if you're going to still be manually reading each meter, the payback may well be negative.