O2 has predicted that 5G could enable every household to save up to £450 a year.
According to a new report by the firm, 5G-enabled smart grids could lead to £145 being cut from household energy bills alone.
This, it said, is because they will drive dynamic pricing, enable better distribution and enable people to choose where they buy energy.
O2 also believes that 5G could help reduce council tax bills by £66, as local authorities would be able to pass on the savings generated by smart refuse collection.
Furthermore, estimates suggest the introduction of smart fridges could play a key role in reducing food waste, as it would help people avoid buying unnecessary food and therefore save them around £236.
Car owners look set to benefit from 5G as well, as O2 believes the introduction of electric cars running on 5G-proofed energy grids would save drivers £1,600 in fuel costs.
Mark Evans, Chief Executive of O2, said 5G technology will provide "unprecedented benefits" for consumers when it arrives.
"The enhanced connectivity on offer will make a real difference to people’s lives and pockets," he commented.
However, Mr Evans said none of the benefits are assured, which means a high level of collaboration is required to "press ahead with the rollout and to hardwire 5G into the fabric of our cities".
Digital Minister Margot James has welcomed the report and stressed the government wants the UK to be a "world leader" in 5G.
"This report highlights the huge potential we have to get ahead and reap the benefits of this exciting new technology," she stated.
Ms James went on to confirm that the government is already investing £25 million in new testbeds across the UK. These, she stated, will "pave the way for our 5G future".