The both domestic and non-domestic sectors are expected to get benefits worth £5.7 billion from the smart meter roll-out.
The government’s £11 billion scheme plans to install around 53 million smart meters in more than 30 million homes and businesses across the country by 2020.
As a result of that, consumers will use energy more efficiently which will help them reduce the combined electricity and gas bill for an average household by £11 in 2020 and by £47 in 2030.
In an analysis released by BEIS which looks at the costs and benefits of the project, it stated the net present value for the domestic roll-out of smart meters in the UK is now estimated to be £3.8 billion.
Total supplier benefits amount to £8.25 billion by avoiding site visits and reducing inquiries and customer overheads.
Total network-related benefits amount to £839 million and generation benefits to £943 million.
Carbon related benefits amount to £1.29 billion and air quality improvements amount to £98 million.
Energy Networks Association Chief Executive David Smith said: “We welcome the long awaited publication of the cost benefit analysis of the roll-out of smart meters. It is important that we have precise analysis of the benefits from smart meters and particularly the benefits that network operators will be able to derive for their customers from the programme.
“Network companies will evaluate the government’s publication in order to better understand the assumptions behind the figures. We look forward to working with the Department for Business, Energy and Industrial Strategy to ensure accurate analysis.”