I recently reflected on some key insights from ENLIT Australia 2023 and how the Internet of Things (IoT) plays a crucial role in enabling the shift to clean energy. By creating energy systems that balance human needs and efficiency drivers, IoT tech will enable resilience and reliability in the face of increasing demand and changing environmental conditions.
One of the main benefits of IoT in energy management is the ability to monitor and control energy usage in real-time, for example smart thermostats that learn a homeowner's schedule and adjust heating and cooling systems accordingly. This can help businesses and individuals better manage their energy consumption and reduce costs. But this potential needs to be packaged into products that can be purchased, and this requires modern technology that is quickly and easily configurable to enable accurate billing.
Smart meters are at the heart of energy efficiency, but this is just the beginning
IoT-enabled smart meters are a key component of energy efficiency. They monitor and record energy consumption in real-time, which allows for greater accuracy in billing and provides customers with a more robust picture of their energy usage and costs. Smart meters can also provide information about peak usage times, allowing customers to adjust their energy consumption to save money. But smart meters are just the beginning - below are other ways IoT technology can supercharge energy management:
Automated Billing: IoT technology can be used to automate energy billing processes, reducing the need for manual data entry and minimising human error. Automated billing systems can also provide customers with more detailed and accurate billing information, including real-time updates on energy usage and costs.
Energy Analytics: IoT-enabled energy analytics platforms can provide businesses with insights into their energy usage and costs. By analysing data from sensors and other devices, these platforms can help businesses identify areas of waste and inefficiency and develop strategies to reduce energy usage, and therefore costs.
Demand Response: IoT technology can also be used for demand response programs, which incentivise customers to reduce energy usage during peak demand periods. By using IoT sensors to monitor energy usage in real-time, utilities can offer customers financial incentives to reduce energy consumption, causing less strain on the grid and lowering energy costs for everyone.
Modern tech is the key to enabling energy efficiency
IoT technology can be used to streamline energy billing processes, reduce costs, and provide customers with more detailed and accurate billing information. By enabling real-time monitoring and control of energy usage, IoT can help businesses and individuals better manage their energy consumption and reduce costs.
This is all necessary in the shift to a cleaner, more efficient future of energy, but none of these services can come to fruition if the energy retailer does not have modern, flexible, cloud based technology in place to underpin them. We often say here at Flux that you can’t sell what you can’t bill - and while this sounds so simple, legacy technology in the energy sector has become a major impediment to progress. If energy retailers aren’t utilising cloud-based tech to launch new products and services at the same pace the market demands them, you can be certain there will be others out there that will. And they’ll leave those still toiling away with legacy tech in their dust.
The great news is that solutions like FlexiBill are ready to help energy businesses transform into digital, agile, future-focused organisations that can bring new products to market at speed. If you were at ENLIT then you’ll know the time to transform is now. Get in touch with our team, we’re ready to help mobilise your vision of the future of energy.