Garry Felgate, chief executive of the ERA, said: "Smart meters will help customers to save money by providing accurate information on how much energy is being used at any given time."
Smart meters do not only give real time information about how much energy is being used but also how much it is costing and the carbon it is producing.
Homes will receive different types of smart meter depending on their specific gas and electricity needs in order to ensure that they are most effective.
In May the government announced that by the year 2020 every home should have a smart meter.
The Energy Saving Trust recommends that looking at a price comparison for energy suppliers could also be a good way to reduce your gas or electricity bill.
Click here to run an energy price comparison, and see if you could be paying less for your gas and electricity.