Utilities around the globe face the challenge of operating in markets with an increasing number of government mandates requiring that consumers get better tools to understand and reduce their energy consumption. For example, governments are now requiring that consumers receive real-time energy readings and other ways to control energy consumption when smart meters are deployed. This mandate is a result of smart meters being installed with no meaningful attempt to provide consumers with information that will help them reduce their energy consumption.
Another key challenge for utilities is the de-regulation of energy retailing where consumers are free to choose their energy provider. In a number of de-regulated markets, customer churn rates are around 20% per year. Therefore, utilities need to offer value-added services to retain and attract new customers.
De-regulation also offers opportunities for not only utilities but also service providers to create new on-going revenue streams based on a number of exciting, new smart home services.
Consumers are growing increasingly aware of changes to the environment and are expressing an increased desire to contribute to conserving the planet’s limited resources. As global energy demand is projected to rise to over 35 trillion kilowatt hours by 2035, utilities are finding it more and more challenging to meet this increasing demand. As a result, consumers, governments, and utilities are seeking ways to reduce consumption and preserve our environment while minimizing the cost of increasing energy prices for consumers.
Consumers require solutions that are simple and fast to install and set up and easy to use on a daily basis. A variety of options for accessing energy consumption information must exist for the solution to be effective, so consumers have the ability to monitor and control their energy usage at their fingertips through a variety of connected devices.
Addressing These Challenges
The GreenWave Reality solution starts by focusing on providing a world-class consumer experience in the delivery of smart home services. Behind the scenes is the end-to-end, cloud-based, monitoring and control platform that is secure and scalable for large deployments. The cloud-based platform not only generates the industry-leading consumer experience but also provides powerful management and messaging capabilities that allow utilities and service providers to build on-going, two-way relationships with consumers.