diff --git a/homeassistant/components/utility_meter/select.py b/homeassistant/components/utility_meter/select.py
index d5b1206d046..5815ce7ec95 100644
--- a/homeassistant/components/utility_meter/select.py
+++ b/homeassistant/components/utility_meter/select.py
@@ -6,7 +6,7 @@ import logging
 
 from homeassistant.components.select import SelectEntity
 from homeassistant.config_entries import ConfigEntry
-from homeassistant.const import CONF_UNIQUE_ID
+from homeassistant.const import CONF_NAME, CONF_UNIQUE_ID
 from homeassistant.core import HomeAssistant
 from homeassistant.helpers.device import async_device_info_to_link_from_entity
 from homeassistant.helpers.device_registry import DeviceInfo
@@ -36,9 +36,9 @@ async def async_setup_entry(
     )
 
     tariff_select = TariffSelect(
-        name,
-        tariffs,
-        unique_id,
+        name=name,
+        tariffs=tariffs,
+        unique_id=unique_id,
         device_info=device_info,
     )
     async_add_entities([tariff_select])
@@ -62,13 +62,15 @@ async def async_setup_platform(
     conf_meter_unique_id: str | None = hass.data[DATA_UTILITY][meter].get(
         CONF_UNIQUE_ID
     )
+    conf_meter_name = hass.data[DATA_UTILITY][meter].get(CONF_NAME, meter)
 
     async_add_entities(
         [
             TariffSelect(
-                meter,
-                discovery_info[CONF_TARIFFS],
-                conf_meter_unique_id,
+                name=conf_meter_name,
+                tariffs=discovery_info[CONF_TARIFFS],
+                yaml_slug=meter,
+                unique_id=conf_meter_unique_id,
             )
         ]
     )
@@ -82,12 +84,16 @@ class TariffSelect(SelectEntity, RestoreEntity):
     def __init__(
         self,
         name,
-        tariffs,
-        unique_id,
+        tariffs: list[str],
+        *,
+        yaml_slug: str | None = None,
+        unique_id: str | None = None,
         device_info: DeviceInfo | None = None,
     ) -> None:
         """Initialize a tariff selector."""
         self._attr_name = name
+        if yaml_slug:  # Backwards compatibility with YAML configuration entries
+            self.entity_id = f"select.{yaml_slug}"
         self._attr_unique_id = unique_id
         self._attr_device_info = device_info
         self._current_tariff: str | None = None
diff --git a/tests/components/utility_meter/test_select.py b/tests/components/utility_meter/test_select.py
index 61f6cbe75b9..1f54f3b500a 100644
--- a/tests/components/utility_meter/test_select.py
+++ b/tests/components/utility_meter/test_select.py
@@ -3,10 +3,72 @@
 from homeassistant.components.utility_meter.const import DOMAIN
 from homeassistant.core import HomeAssistant
 from homeassistant.helpers import device_registry as dr, entity_registry as er
+from homeassistant.setup import async_setup_component
 
 from tests.common import MockConfigEntry
 
 
+async def test_select_entity_name_config_entry(
+    hass: HomeAssistant,
+) -> None:
+    """Test for Utility Meter select platform."""
+
+    config_entry_config = {
+        "cycle": "none",
+        "delta_values": False,
+        "name": "Energy bill",
+        "net_consumption": False,
+        "offset": 0,
+        "periodically_resetting": True,
+        "source": "sensor.energy",
+        "tariffs": ["peak", "offpeak"],
+    }
+
+    source_config_entry = MockConfigEntry()
+    source_config_entry.add_to_hass(hass)
+    utility_meter_config_entry = MockConfigEntry(
+        data={},
+        domain=DOMAIN,
+        options=config_entry_config,
+        title=config_entry_config["name"],
+    )
+
+    utility_meter_config_entry.add_to_hass(hass)
+
+    assert await hass.config_entries.async_setup(utility_meter_config_entry.entry_id)
+
+    await hass.async_block_till_done()
+
+    state = hass.states.get("select.energy_bill")
+    assert state is not None
+    assert state.attributes.get("friendly_name") == "Energy bill"
+
+
+async def test_select_entity_name_yaml(
+    hass: HomeAssistant,
+) -> None:
+    """Test for Utility Meter select platform."""
+
+    yaml_config = {
+        "utility_meter": {
+            "energy_bill": {
+                "name": "Energy bill",
+                "source": "sensor.energy",
+                "tariffs": ["peak", "offpeak"],
+                "unique_id": "1234abcd",
+            }
+        }
+    }
+
+    assert await async_setup_component(hass, DOMAIN, yaml_config)
+
+    await hass.async_block_till_done()
+
+    state = hass.states.get("select.energy_bill")
+    assert state is not None
+    assert state.attributes.get("friendly_name") == "Energy bill"
+
+
 async def test_device_id(
     hass: HomeAssistant,
     device_registry: dr.DeviceRegistry,