According to the British Chambers of Commerce (BCC), the development will allow small firms to tackle the ‘unequal relationship’ they have with suppliers, as consumers can see real-time information on their energy use on a display device and actual readings can be taken remotely.

Gareth Elliott, senior policy adviser at the BCC, says that the meters will permit companies to counter the strict contract terms and ‘confusing and complicated pricing structures’ which are followed by utility suppliers.

He adds: ‘They will also offer a level of transparency that up to now has simply not been available.’

Elliott also suggests that the scheme will allow small firms to become more energy efficient and ‘take control’ of their energy use.

See also: Installing a smart meter – a step-by-step guide for your small business

Yesterday, the Department of Energy and Climate Change revealed that the new system will be rolled out across the UK by 2020, which will spell the end of estimated bills, allow easier payments and permit quicker switching between electricity and gas suppliers.