A method of optimizing energy consumption of a plurality of appliances by employing a home energy information gateway over a dedicated local area network communicatively coupled with the plurality of appliances, the method comprising steps of: identifying, by a smart meter, energy consumption information of at least one of the plurality of appliances at a pre-defined interval, wherein the energy consumption information is transmitted to a set top box, and wherein the set top box is a gateway device for the home energy information gateway, wherein the set top box is employed as the home energy information gateway among utility or non-utility providers through a web portal hosted by a utility or non-utility server, the smart meter and the plurality of appliances; communicating, by the set top box, the energy consumption information to a remote server in order to bill the energy consumption information at a pre-scheduled interval, wherein the billed energy consumption information is received by the gateway device from the remote server; validating, by the set top box, the billed energy consumption information; analyzing, by the set top box, the validated billed energy consumption information, wherein the set top box provides advanced data analytics using a home energy information gateway analytics rule engine for analyzing the energy consumption information for each of the plurality of appliances and overall energy consumption data, and wherein the set top box comprises an on-board dedicated digital signal processor for performing the advanced data analytics; displaying the analyzed energy consumption information, on a screen of a television, wherein the television is communicatively coupled to the set top box; enabling controlling the energy consumption of the at least one of the plurality of appliances by: a user from the television, or fetching local weather condition from a weather website and automatically controlling the at least one of the plurality of appliances based on the local weather condition for minimizing the energy consumption of the at least one of the plurality of appliances; and suggesting power saving options to the user by conjugating the energy consumption information with a dynamic energy tariff data, wherein the user is enabled to view energy consumption price at any time based on the dynamic energy tariff data. identifying, by a smart meter, energy consumption information of at least one of the plurality of appliances at a pre-defined interval, wherein the energy consumption information is transmitted to a set top box, and wherein the set top box is a gateway device for the home energy information gateway, wherein the set top box is employed as the home energy information gateway among utility or non-utility providers through a web portal hosted by a utility or non-utility server, the smart meter and the plurality of appliances; communicating, by the set top box, the energy consumption information to a remote server in order to bill the energy consumption information at a pre-scheduled interval, wherein the billed energy consumption information is received by the gateway device from the remote server; validating, by the set top box, the billed energy consumption information; analyzing, by the set top box, the validated billed energy consumption information, wherein the set top box provides advanced data analytics using a home energy information gateway analytics rule engine for analyzing the energy consumption information for each of the plurality of appliances and overall energy consumption data, and wherein the set top box comprises an on-board dedicated digital signal processor for performing the advanced data analytics; displaying the analyzed energy consumption information, on a screen of a television, wherein the television is communicatively coupled to the set top box; enabling controlling the energy consumption of the at least one of the plurality of appliances by: a user from the television, or fetching local weather condition from a weather website and automatically controlling the at least one of the plurality of appliances based on the local weather condition for minimizing the energy consumption of the at least one of the plurality of appliances; and a user from the television, or fetching local weather condition from a weather website and automatically controlling the at least one of the plurality of appliances based on the local weather condition for minimizing the energy consumption of the at least one of the plurality of appliances; and suggesting power saving options to the user by conjugating the energy consumption information with a dynamic energy tariff data, wherein the user is enabled to view energy consumption price at any time based on the dynamic energy tariff data.