Energy suppliers will be responsible for installing Smart meters in every UK household by 2020.

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A smart meter like this one will most likely be installed in your home within the next few years

The government has given the go ahead to their smart meter plans for an estimated £8 billion roll out of smart meters to UK homes, with the main energy suppliers deemed responsible for installing the new technology in every UK household.

The cost of installing smart meters is thought to be as much as £340 per household, and as the energy suppliers will have to front this cash, it is expected that they will recoup this investment through higher bills or other upfront fees.

The suppliers themselves stand to make substantial savings, however, with the smart meters meaning there will be no need for them to employ teams of meter readers all across the country.

The Department of Energy and Climate Change (Decc) has announced that it would like to see 47 million smart meters in 26 million UK homes by 2020.

The scheme will hopefully help energy users save money and lower their consumption by using accurate real-time consumption data, rather than monthly or yearly estimates.

Early estimates say that the average household will save around £28 per year on their energy bills due to the new technology, but some households are expected to go beyond this amount.