It is able to communicate with smart appliances - such as dishwashers or cookers - and switch them on and off remotely.
This could be beneficial to homeowners who have carried out an electricity price comparison and moved to a cheap electricity supplier that offers more competitive tariffs than their previous utility company.
The smart meters also have the ability to work with the gas supply, which could lead to big savings for those who compare dual fuel prices.
Director of OnStream Sharon Rodriguez described the new smart meters as "a breakthrough".
"Smart meters and smart grids will be a key part of Britain's energy future," she added.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.