According to British Gas and Oxford Economics, the costs and benefits of smart metres from 2012 to 2030 could amount to £25.3bn, a net gain of £14bn in this time period.

This amounts to around £65 off the average annual dual fuel bill of £1,310 according to Ofgem.

Dean Keeling, managing director of British Gas Smart Homes, said: “The facts are plain; smart meters will help people save energy putting money in their back pocket.”

British Gas say that smart meters will put an end to estimated bills by sending energy suppliers exact meter readings automatically, meaning customers will only pay for the energy they use.

Customers will also be given a portable energy display which will tell them how much gas and electricity they are using and the cost of their exact bill at that time.

The Government requires all homes and businesses to have a smart meter installed by 2019.