Saskatoon's Planning and Operations Committee will soon be looking at setting up a 'smart meter' system for city-owned utilities.

The city is looking at installing an Advanced Metering Infrastructure (AMI) system. The system would record power and water usage throughout the day and send the information to a central database.

The new system would provide an accurate, immediate reading, rather than waiting months for meter readers to arrive at houses.

"This would eliminate reliance on estimated usage between meter readings," Trevor Bell, director of Saskatoon Light and Power, said in a news release. "And help residents manage their electricity and water use and detect unusual consumption patterns which could impact their bill."

City administration also believes the move would be good for the environment. It says removing the need for meter readers will take 35 tonnes of carbon dioxide off the road each year.

The city estimates the move will save the city money as well. The smart meter project is estimated to cost about $46 million over 20 years. However, the city estimates the project will save $76 million over the long run.

Administration wants to start the system by 2015. More than half of Saskatoon Light and Power's meters have been upgraded already and wants all new meters installed by 2017. New water meter installations will begin in 2015 and should be completed by 2019.