As traditional power grids are transformed with the concept of smart grid (SG), it is imperative for utilities companies and governments develop standard roadmaps on their path to improve SG operations. While there are different approaches to assess SG projects, there is limited interest at valuation of SG elements beyond cost factors. We adopted a design science research method to develop an assessment framework based on three components: the Smart Grid Architecture Model (SGAM) as the reference model, the adapted Bedell’s method as the assessment method and a Decision Support System to perform assessments. We evaluated our framework in a real world case study within a blockchain-inspired European project. The new assessment framework is useful to value the importance and effectiveness of SG projects. The framework offers a holistic valuation that may help energy companies to tackle challenges other than economic issues such as energy efficiency and carbon emissions.