Analytics Help Manage Energy Usage
- Jul 22, 2020 10:27 am GMTJul 21, 2020 11:22 am GMT
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Energy companies can now collect more usage information than ever before with the growth of Internet of Things (IoT) devices. That advancement is the first step in the process of improving energy usage and demand visibility. Work is still needed in areas like data analytics before utilities fully tap into this potential.
The emergence of smart home devices began at the turn of the millennium with the advent of smart meters. Since then, a variety of other devices, such as thermostats, security devices, plugs, lighting, air conditioners, and refrigerators, have gained intelligence.
One Step in a Journey
The generation and collection of usage information is the first step in the process of turn data into actionable information. Vendors need to build applications that take that data and map it energy programs that may induce consumers to use energy more efficiently and perhaps rely more on renewable energy.
Work has been ongoing as suppliers are building solutions that rely on cloud, mobile, and web portals to present energy information in easy-to-follow ways. The goal is to add value and integrate residential demand side management and demand response (DR) programs.
But such work is in an early stage. One missing piece is development of programs that benefit both utilities and consumers. To date, there has been too much work by the consumer for too little reward. It is clear that technology advances alone will not close the gap; energy suppliers now need to find ways such programs help their business as well.