AlertMe's Smart Energy meter costs £29.99 (or £49.99 with an in-home display) and tracks the energy usage and subsequent costs of your home in real-time in a bid to help reduce your electricity bills.
The iPhone app, which can be downloaded for free from the iTunes app store, can also give cost predictions for energy bills over the next week, month and year.
AlertMe has also overhauled its website to offer a new user interface (UI) and new functions including a temperature gauge which displays the temperature of your home compared to current local weather outdoors and an Appliances feature which identifies how much electricity each separate device in your home consumes.
"We believe consumers should have access to information about their energy use and understand how much they are spending on energy in real-time. This empowers them to make informed decisions on a day by day basis rather than waiting for a shockingly large bill, by which time it's too late," said Mary Turner, CEO of AlertMe.
The company said it plans to offer even more functions in the future including a real-time carbon footprint monitor, the ability to set personal energy targets and an 'Appliance Advisor' that recommends energy efficient appliances.