diff --git a/charts/prometheus-snmp-exporter/Chart.yaml b/charts/prometheus-snmp-exporter/Chart.yaml
index 1597d22e0608..6a5e19f1eb7a 100644
--- a/charts/prometheus-snmp-exporter/Chart.yaml
+++ b/charts/prometheus-snmp-exporter/Chart.yaml
@@ -1,7 +1,7 @@
 apiVersion: v1
 description: Prometheus SNMP Exporter
 name: prometheus-snmp-exporter
-version: 1.8.2
+version: 2.0.0
 appVersion: v0.21.0
 home: https://github.com/prometheus/snmp_exporter
 sources:
diff --git a/charts/prometheus-snmp-exporter/README.md b/charts/prometheus-snmp-exporter/README.md
index a3e66b989f61..b29a1f7869a0 100644
--- a/charts/prometheus-snmp-exporter/README.md
+++ b/charts/prometheus-snmp-exporter/README.md
@@ -45,6 +45,10 @@ helm upgrade [RELEASE_NAME] [CHART] --install
 
 _See [helm upgrade](https://helm.sh/docs/helm/helm_upgrade/) for command documentation._
 
+### Upgrading an existing Release to a new major version
+
+A major chart version change (like v1.2.3 -> v2.0.0) indicates that there is an incompatible breaking change needing manual actions.
+
 ### To 1.0.0
 
 This version allows multiple Targets to be specified when using ServiceMonitor. When you use ServiceMonitor, please rewrite below:
@@ -73,6 +77,10 @@ serviceMonitor:
     target: 127.0.0.1
 ```
 
+### To 2.0.0
+
+This version changes the `serviceMonitor.namespace` value from `monitoring` to the namespace the release is deployed to.
+
 ## Configuration
 
 See [Customizing the Chart Before Installing](https://helm.sh/docs/intro/using_helm/#customizing-the-chart-before-installing). To see all configurable options with detailed comments, visit the chart's [values.yaml](./values.yaml), or run these configuration commands:
diff --git a/charts/prometheus-snmp-exporter/templates/servicemonitor.yaml b/charts/prometheus-snmp-exporter/templates/servicemonitor.yaml
index 25e8406b0c42..b7eefb80943d 100644
--- a/charts/prometheus-snmp-exporter/templates/servicemonitor.yaml
+++ b/charts/prometheus-snmp-exporter/templates/servicemonitor.yaml
@@ -5,9 +5,7 @@ apiVersion: monitoring.coreos.com/v1
 kind: ServiceMonitor
 metadata:
   name: {{ template "prometheus-snmp-exporter.fullname" $  }}-{{ .name }}
-  {{- if $.Values.serviceMonitor.namespace }}
-  namespace: {{ $.Values.serviceMonitor.namespace }}
-  {{- end }}
+  namespace: {{ $.Values.serviceMonitor.namespace | default $.Release.Namespace }}
   labels:
     {{- include "prometheus-snmp-exporter.labels" $ | indent 4 }}
     {{- range $key, $value := .labels | default $.Values.serviceMonitor.selector }}
diff --git a/charts/prometheus-snmp-exporter/values.yaml b/charts/prometheus-snmp-exporter/values.yaml
index 3826babe7dc6..07684eeb23d1 100644
--- a/charts/prometheus-snmp-exporter/values.yaml
+++ b/charts/prometheus-snmp-exporter/values.yaml
@@ -146,7 +146,8 @@ configmapReload:
 # A service monitor will be created per each item in serviceMonitor.params[]
 serviceMonitor:
   enabled: false
-  namespace: monitoring
+  # Default value is the namespace the release is deployed to
+  # namespace: monitoring
 
   path: /snmp