diff --git a/CODEOWNERS b/CODEOWNERS
index c3ca5410b1..7f2aef7be8 100644
--- a/CODEOWNERS
+++ b/CODEOWNERS
@@ -28,6 +28,7 @@ esphome/components/b_parasite/* @rbaron
 esphome/components/ballu/* @bazuchan
 esphome/components/bang_bang/* @OttoWinter
 esphome/components/binary_sensor/* @esphome/core
+esphome/components/bl0940/* @tobias-
 esphome/components/ble_client/* @buxtronix
 esphome/components/bme680_bsec/* @trvrnrth
 esphome/components/button/* @esphome/core
diff --git a/esphome/components/bl0940/__init__.py b/esphome/components/bl0940/__init__.py
new file mode 100644
index 0000000000..087626a4e7
--- /dev/null
+++ b/esphome/components/bl0940/__init__.py
@@ -0,0 +1 @@
+CODEOWNERS = ["@tobias-"]
diff --git a/esphome/components/bl0940/bl0940.cpp b/esphome/components/bl0940/bl0940.cpp
new file mode 100644
index 0000000000..19672e98d0
--- /dev/null
+++ b/esphome/components/bl0940/bl0940.cpp
@@ -0,0 +1,137 @@
+#include "bl0940.h"
+#include "esphome/core/log.h"
+
+namespace esphome {
+namespace bl0940 {
+
+static const char *const TAG = "bl0940";
+
+static const uint8_t BL0940_READ_COMMAND = 0x50;  // 0x58 according to documentation
+static const uint8_t BL0940_FULL_PACKET = 0xAA;
+static const uint8_t BL0940_PACKET_HEADER = 0x55;  // 0x58 according to documentation
+
+static const uint8_t BL0940_WRITE_COMMAND = 0xA0;  // 0xA8 according to documentation
+static const uint8_t BL0940_REG_I_FAST_RMS_CTRL = 0x10;
+static const uint8_t BL0940_REG_MODE = 0x18;
+static const uint8_t BL0940_REG_SOFT_RESET = 0x19;
+static const uint8_t BL0940_REG_USR_WRPROT = 0x1A;
+static const uint8_t BL0940_REG_TPS_CTRL = 0x1B;
+
+const uint8_t BL0940_INIT[5][6] = {
+    // Reset to default
+    {BL0940_WRITE_COMMAND, BL0940_REG_SOFT_RESET, 0x5A, 0x5A, 0x5A, 0x38},
+    // Enable User Operation Write
+    {BL0940_WRITE_COMMAND, BL0940_REG_USR_WRPROT, 0x55, 0x00, 0x00, 0xF0},
+    // 0x0100 = CF_UNABLE energy pulse, AC_FREQ_SEL 50Hz, RMS_UPDATE_SEL 800mS
+    {BL0940_WRITE_COMMAND, BL0940_REG_MODE, 0x00, 0x10, 0x00, 0x37},
+    // 0x47FF = Over-current and leakage alarm on, Automatic temperature measurement, Interval 100mS
+    {BL0940_WRITE_COMMAND, BL0940_REG_TPS_CTRL, 0xFF, 0x47, 0x00, 0xFE},
+    // 0x181C = Half cycle, Fast RMS threshold 6172
+    {BL0940_WRITE_COMMAND, BL0940_REG_I_FAST_RMS_CTRL, 0x1C, 0x18, 0x00, 0x1B}};
+
+void BL0940::loop() {
+  DataPacket buffer;
+  if (!this->available()) {
+    return;
+  }
+  if (read_array((uint8_t *) &buffer, sizeof(buffer))) {
+    if (validate_checksum(&buffer)) {
+      received_package_(&buffer);
+    }
+  } else {
+    ESP_LOGW(TAG, "Junk on wire. Throwing away partial message");
+    while (read() >= 0)
+      ;
+  }
+}
+
+bool BL0940::validate_checksum(const DataPacket *data) {
+  uint8_t checksum = BL0940_READ_COMMAND;
+  // Whole package but checksum
+  for (uint32_t i = 0; i < sizeof(data->raw) - 1; i++) {
+    checksum += data->raw[i];
+  }
+  checksum ^= 0xFF;
+  if (checksum != data->checksum) {
+    ESP_LOGW(TAG, "BL0940 invalid checksum! 0x%02X != 0x%02X", checksum, data->checksum);
+  }
+  return checksum == data->checksum;
+}
+
+void BL0940::update() {
+  this->flush();
+  this->write_byte(BL0940_READ_COMMAND);
+  this->write_byte(BL0940_FULL_PACKET);
+}
+
+void BL0940::setup() {
+  for (auto i : BL0940_INIT) {
+    this->write_array(i, 6);
+    delay(1);
+  }
+  this->flush();
+}
+
+float BL0940::update_temp_(sensor::Sensor *sensor, ube16_t temperature) const {
+  auto tb = (float) (temperature.h << 8 | temperature.l);
+  float converted_temp = ((float) 170 / 448) * (tb / 2 - 32) - 45;
+  if (sensor != nullptr) {
+    if (sensor->has_state() && std::abs(converted_temp - sensor->get_state()) > max_temperature_diff_) {
+      ESP_LOGD("bl0940", "Invalid temperature change. Sensor: '%s', Old temperature: %f, New temperature: %f",
+               sensor->get_name().c_str(), sensor->get_state(), converted_temp);
+      return 0.0f;
+    }
+    sensor->publish_state(converted_temp);
+  }
+  return converted_temp;
+}
+
+void BL0940::received_package_(const DataPacket *data) const {
+  // Bad header
+  if (data->frame_header != BL0940_PACKET_HEADER) {
+    ESP_LOGI("bl0940", "Invalid data. Header mismatch: %d", data->frame_header);
+    return;
+  }
+
+  float v_rms = (float) to_uint32_t(data->v_rms) / voltage_reference_;
+  float i_rms = (float) to_uint32_t(data->i_rms) / current_reference_;
+  float watt = (float) to_int32_t(data->watt) / power_reference_;
+  uint32_t cf_cnt = to_uint32_t(data->cf_cnt);
+  float total_energy_consumption = (float) cf_cnt / energy_reference_;
+
+  float tps1 = update_temp_(internal_temperature_sensor_, data->tps1);
+  float tps2 = update_temp_(external_temperature_sensor_, data->tps2);
+
+  if (voltage_sensor_ != nullptr) {
+    voltage_sensor_->publish_state(v_rms);
+  }
+  if (current_sensor_ != nullptr) {
+    current_sensor_->publish_state(i_rms);
+  }
+  if (power_sensor_ != nullptr) {
+    power_sensor_->publish_state(watt);
+  }
+  if (energy_sensor_ != nullptr) {
+    energy_sensor_->publish_state(total_energy_consumption);
+  }
+
+  ESP_LOGV("bl0940", "BL0940: U %fV, I %fA, P %fW, Cnt %d, ∫P %fkWh, T1 %f°C, T2 %f°C", v_rms, i_rms, watt, cf_cnt,
+           total_energy_consumption, tps1, tps2);
+}
+
+void BL0940::dump_config() {  // NOLINT(readability-function-cognitive-complexity)
+  ESP_LOGCONFIG(TAG, "BL0940:");
+  LOG_SENSOR("", "Voltage", this->voltage_sensor_);
+  LOG_SENSOR("", "Current", this->current_sensor_);
+  LOG_SENSOR("", "Power", this->power_sensor_);
+  LOG_SENSOR("", "Energy", this->energy_sensor_);
+  LOG_SENSOR("", "Internal temperature", this->internal_temperature_sensor_);
+  LOG_SENSOR("", "External temperature", this->external_temperature_sensor_);
+}
+
+uint32_t BL0940::to_uint32_t(ube24_t input) { return input.h << 16 | input.m << 8 | input.l; }
+
+int32_t BL0940::to_int32_t(sbe24_t input) { return input.h << 16 | input.m << 8 | input.l; }
+
+}  // namespace bl0940
+}  // namespace esphome
diff --git a/esphome/components/bl0940/bl0940.h b/esphome/components/bl0940/bl0940.h
new file mode 100644
index 0000000000..49c8e50595
--- /dev/null
+++ b/esphome/components/bl0940/bl0940.h
@@ -0,0 +1,109 @@
+#pragma once
+
+#include "esphome/core/component.h"
+#include "esphome/components/uart/uart.h"
+#include "esphome/components/sensor/sensor.h"
+
+namespace esphome {
+namespace bl0940 {
+
+static const float BL0940_PREF = 1430;
+static const float BL0940_UREF = 33000;
+static const float BL0940_IREF = 275000;  // 2750 from tasmota. Seems to generate values 100 times too high
+
+// Measured to 297J  per click according to power consumption of 5 minutes
+// Converted to kWh (3.6MJ per kwH). Used to be 256 * 1638.4
+static const float BL0940_EREF = 3.6e6 / 297;
+
+struct ube24_t {  // NOLINT(readability-identifier-naming,altera-struct-pack-align)
+  uint8_t l;
+  uint8_t m;
+  uint8_t h;
+} __attribute__((packed));
+
+struct ube16_t {  // NOLINT(readability-identifier-naming,altera-struct-pack-align)
+  uint8_t l;
+  uint8_t h;
+} __attribute__((packed));
+
+struct sbe24_t {  // NOLINT(readability-identifier-naming,altera-struct-pack-align)
+  uint8_t l;
+  uint8_t m;
+  int8_t h;
+} __attribute__((packed));
+
+// Caveat: All these values are big endian (low - middle - high)
+
+union DataPacket {  // NOLINT(altera-struct-pack-align)
+  uint8_t raw[35];
+  struct {
+    uint8_t frame_header;  // value of 0x58 according to docs. 0x55 according to Tasmota real world tests. Reality wins.
+    ube24_t i_fast_rms;    // 0x00
+    ube24_t i_rms;         // 0x04
+    ube24_t RESERVED0;     // reserved
+    ube24_t v_rms;         // 0x06
+    ube24_t RESERVED1;     // reserved
+    sbe24_t watt;          // 0x08
+    ube24_t RESERVED2;     // reserved
+    ube24_t cf_cnt;        // 0x0A
+    ube24_t RESERVED3;     // reserved
+    ube16_t tps1;          // 0x0c
+    uint8_t RESERVED4;     // value of 0x00
+    ube16_t tps2;          // 0x0c
+    uint8_t RESERVED5;     // value of 0x00
+    uint8_t checksum;      // checksum
+  };
+} __attribute__((packed));
+
+class BL0940 : public PollingComponent, public uart::UARTDevice {
+ public:
+  void set_voltage_sensor(sensor::Sensor *voltage_sensor) { voltage_sensor_ = voltage_sensor; }
+  void set_current_sensor(sensor::Sensor *current_sensor) { current_sensor_ = current_sensor; }
+  void set_power_sensor(sensor::Sensor *power_sensor) { power_sensor_ = power_sensor; }
+  void set_energy_sensor(sensor::Sensor *energy_sensor) { energy_sensor_ = energy_sensor; }
+  void set_internal_temperature_sensor(sensor::Sensor *internal_temperature_sensor) {
+    internal_temperature_sensor_ = internal_temperature_sensor;
+  }
+  void set_external_temperature_sensor(sensor::Sensor *external_temperature_sensor) {
+    external_temperature_sensor_ = external_temperature_sensor;
+  }
+
+  void loop() override;
+
+  void update() override;
+  void setup() override;
+  void dump_config() override;
+
+ protected:
+  sensor::Sensor *voltage_sensor_;
+  sensor::Sensor *current_sensor_;
+  // NB This may be negative as the circuits is seemingly able to measure
+  // power in both directions
+  sensor::Sensor *power_sensor_;
+  sensor::Sensor *energy_sensor_;
+  sensor::Sensor *internal_temperature_sensor_;
+  sensor::Sensor *external_temperature_sensor_;
+
+  // Max difference between two measurements of the temperature. Used to avoid noise.
+  float max_temperature_diff_{0};
+  // Divide by this to turn into Watt
+  float power_reference_ = BL0940_PREF;
+  // Divide by this to turn into Volt
+  float voltage_reference_ = BL0940_UREF;
+  // Divide by this to turn into Ampere
+  float current_reference_ = BL0940_IREF;
+  // Divide by this to turn into kWh
+  float energy_reference_ = BL0940_EREF;
+
+  float update_temp_(sensor::Sensor *sensor, ube16_t packed_temperature) const;
+
+  static uint32_t to_uint32_t(ube24_t input);
+
+  static int32_t to_int32_t(sbe24_t input);
+
+  static bool validate_checksum(const DataPacket *data);
+
+  void received_package_(const DataPacket *data) const;
+};
+}  // namespace bl0940
+}  // namespace esphome
diff --git a/esphome/components/bl0940/sensor.py b/esphome/components/bl0940/sensor.py
new file mode 100644
index 0000000000..ce630b7408
--- /dev/null
+++ b/esphome/components/bl0940/sensor.py
@@ -0,0 +1,106 @@
+import esphome.codegen as cg
+import esphome.config_validation as cv
+from esphome.components import sensor, uart
+from esphome.const import (
+    CONF_CURRENT,
+    CONF_ENERGY,
+    CONF_ID,
+    CONF_POWER,
+    CONF_VOLTAGE,
+    DEVICE_CLASS_CURRENT,
+    DEVICE_CLASS_ENERGY,
+    DEVICE_CLASS_POWER,
+    DEVICE_CLASS_VOLTAGE,
+    DEVICE_CLASS_TEMPERATURE,
+    ICON_EMPTY,
+    STATE_CLASS_MEASUREMENT,
+    STATE_CLASS_NONE,
+    UNIT_AMPERE,
+    UNIT_CELSIUS,
+    UNIT_KILOWATT_HOURS,
+    UNIT_VOLT,
+    UNIT_WATT,
+)
+
+DEPENDENCIES = ["uart"]
+
+CONF_INTERNAL_TEMPERATURE = "internal_temperature"
+CONF_EXTERNAL_TEMPERATURE = "external_temperature"
+
+bl0940_ns = cg.esphome_ns.namespace("bl0940")
+BL0940 = bl0940_ns.class_("BL0940", cg.PollingComponent, uart.UARTDevice)
+
+CONFIG_SCHEMA = (
+    cv.Schema(
+        {
+            cv.GenerateID(): cv.declare_id(BL0940),
+            cv.Optional(CONF_VOLTAGE): sensor.sensor_schema(
+                UNIT_VOLT, ICON_EMPTY, 1, DEVICE_CLASS_VOLTAGE, STATE_CLASS_MEASUREMENT
+            ),
+            cv.Optional(CONF_CURRENT): sensor.sensor_schema(
+                UNIT_AMPERE,
+                ICON_EMPTY,
+                2,
+                DEVICE_CLASS_CURRENT,
+                STATE_CLASS_MEASUREMENT,
+            ),
+            cv.Optional(CONF_POWER): sensor.sensor_schema(
+                UNIT_WATT, ICON_EMPTY, 0, DEVICE_CLASS_POWER, STATE_CLASS_MEASUREMENT
+            ),
+            cv.Optional(CONF_ENERGY): sensor.sensor_schema(
+                UNIT_KILOWATT_HOURS,
+                ICON_EMPTY,
+                0,
+                DEVICE_CLASS_ENERGY,
+                STATE_CLASS_NONE,
+            ),
+            cv.Optional(CONF_INTERNAL_TEMPERATURE): sensor.sensor_schema(
+                UNIT_CELSIUS,
+                ICON_EMPTY,
+                0,
+                DEVICE_CLASS_TEMPERATURE,
+                STATE_CLASS_NONE,
+            ),
+            cv.Optional(CONF_EXTERNAL_TEMPERATURE): sensor.sensor_schema(
+                UNIT_CELSIUS,
+                ICON_EMPTY,
+                0,
+                DEVICE_CLASS_TEMPERATURE,
+                STATE_CLASS_NONE,
+            ),
+        }
+    )
+    .extend(cv.polling_component_schema("60s"))
+    .extend(uart.UART_DEVICE_SCHEMA)
+)
+
+
+async def to_code(config):
+    var = cg.new_Pvariable(config[CONF_ID])
+    await cg.register_component(var, config)
+    await uart.register_uart_device(var, config)
+
+    if CONF_VOLTAGE in config:
+        conf = config[CONF_VOLTAGE]
+        sens = await sensor.new_sensor(conf)
+        cg.add(var.set_voltage_sensor(sens))
+    if CONF_CURRENT in config:
+        conf = config[CONF_CURRENT]
+        sens = await sensor.new_sensor(conf)
+        cg.add(var.set_current_sensor(sens))
+    if CONF_POWER in config:
+        conf = config[CONF_POWER]
+        sens = await sensor.new_sensor(conf)
+        cg.add(var.set_power_sensor(sens))
+    if CONF_ENERGY in config:
+        conf = config[CONF_ENERGY]
+        sens = await sensor.new_sensor(conf)
+        cg.add(var.set_energy_sensor(sens))
+    if CONF_INTERNAL_TEMPERATURE in config:
+        conf = config[CONF_INTERNAL_TEMPERATURE]
+        sens = await sensor.new_sensor(conf)
+        cg.add(var.set_internal_temperature_sensor(sens))
+    if CONF_EXTERNAL_TEMPERATURE in config:
+        conf = config[CONF_EXTERNAL_TEMPERATURE]
+        sens = await sensor.new_sensor(conf)
+        cg.add(var.set_external_temperature_sensor(sens))
diff --git a/tests/test3.yaml b/tests/test3.yaml
index 61d68d824b..01600ad74b 100644
--- a/tests/test3.yaml
+++ b/tests/test3.yaml
@@ -455,10 +455,24 @@ sensor:
     active_power_b:
       name: ADE7953 Active Power B
       id: ade7953_active_power_b
+  - platform: bl0940
+    uart_id: uart3
+    voltage:
+      name: 'BL0940 Voltage'
+    current:
+      name: 'BL0940 Current'
+    power:
+      name: 'BL0940 Power'
+    energy:
+      name: 'BL0940 Energy'
+    internal_temperature:
+      name: 'BL0940 Internal temperature'
+    external_temperature:
+      name: 'BL0940 External temperature'
   - platform: pzem004t
     uart_id: uart3
     voltage:
-      name: 'PZEM00T Voltage'
+      name: 'PZEM004T Voltage'
     current:
       name: 'PZEM004T Current'
     power: