Hole punching has been discussed to death. Get either a Greenlee chassis (a.k.a. knockout) punch in the 1-1/8" size (same size that electricians use for 3/4" conduit holes) or a 1-1/8" hole saw for metal panels. Both of these are available at Home Depot.
The Greenlee punch provides the cleanest, smoothest hole. It may also be marked as a 28.2 mm diameter punch.