KENDAL, England, Jan. 3 Two British friends have invented what could become a commercial waterwheel used on small rivers or streams to generate electricity.Ian Gilmartin and Bob Cattley, of Kendal, created a mini-waterwheel called The Beck Mickle 'low head' micro hydro generator. It's able to supply enough electricity to completely power a house, the Northern Echo reports.The invention is designed for use in small rivers or streams and could potentially be used to power tens of thousands of homes. If commercialized and marketed, it would be the first off-the-shelf waterwheel system. It can generate electricity from a water fall as small as about eight inches.The prototype was three years in the making and Gilmartin and Cattley received a $29,000 grant from the Lake District Organization's sustainable fund after testing it at the Lake District National Park.The waterwheel produces one to two kilowatts of power and generates at least 24 kilowatt hours in a day. The average household's daily use is about 28 kilowatt hours so the wheel comes up just shy of meeting demand.Gilmartin, an electrician and inventor, hopes to see his wheel in stores by the end of 2007.The expected cost is about $4,000 to install and it is projected that the wheel will pay for itself in about two years.Copyright 2007 by UPI