South West Water has confirmed that it will freeze standard tariffs and standing charges for all household and business customers until April 2015.
It says that a total of £430,000 per day will spent on improving the region's vital water and sewerage infrastructure in 2014-15.
Adding that this year's investment is part of a £700million programme between 2010 and 2015 which supports 4,000 jobs in the wider regional economy.
South West Water Chief Executive Chris Loughlin said: "At a time when household budgets are under pressure, we're pleased to have been able to confirm a price freeze for customers and businesses until April 2015, as well as our proposals to keep average bill rises below inflation to 2020. Along with the freeze, customers will continue to benefit from the £50 Government Contribution, so many will see their water bill reduce.
"But a price freeze does not mean an investment holiday for us. We're investing £430,000 a day in our infrastructure to improve tap water quality, help the environment and protect people from sewer flooding - especially as we are experiencing wetter winters."