Smart meters are going to save UK households around £65 a year.
A study by British Gas and Oxford Economics has found consumers will be £11.2 billion better off thanks to the roll out of the technology, which offers them greater control and understanding of their energy use.
It comes at a time when budgets are being stretched across the board and so homeowners will be grateful for the chance to save money.
Dean Keeling, Managing Director of British Gas Smart Homes, said: "Smart meters are good news for households, businesses and Britain. They are fundamentally changing how we use energy, bringing billions of pounds worth of benefits to Britain."
Andrew Tessler, senior economist at Oxford Economics, said it is clear there is a financial benefit associated with installing smart meters in properties.
According to Ofgem, the average annual dual fuel bill is £1,310 and smart metering can bring about a five per cent reduction.