http://guide.openenergymonitor.org/setup/north-america/
Correct, however emonhub must be stopped first to free up the serial port. See script:
https://github.com/openenergymonitor/emonpi/blob/master/firmware/compiled/update
emonpi firmware files are in ~/emonpi/firmware/src
https://github.com/openenergymonitor/emonpi/tree/master/firmware/src
PlatformIO can be used to compile and upload the firmware direct on the emonPi see blog post example: