Our water meter is buried down a pipe just to the left of the front door. When the meter reader comes once a year to look at it we always have terrible trouble finding the little manhole which covers it as the grass grows right over the top. However, the trouble of looking for it once a year is more than worth it because of all the money it saves.
With the water meter we only pay for the water we actually use, it also counts all the water we waste by not fixing a dripping tap in the bathroom ! Knowing that we will actually be charged extra for that water dripping away makes a fine incentive to go and fix the tap ! The house has its own septic tank so we do not pay the part of the water charge dealing with disposal either so that also saves quite a bit of money.
Our water bill is just over 200 pounds a year which is around half what it would be if we were still on water rates. There is no open market in water supply yet, unlike electricity and gas, but all the big suppliers will fit a meter on request but once you have one you cannot ask for it to be removed. The big suppliers have calculators for water use which should help you work out whether it would be a saving for you. As a small family now, it is definitely worth it for us !
Do you have a water meter ? How is water charged for at your house ?