Tuesday, January 27, 2015

Adapting in an IoT World: Utility Partnerships

The Internet of Things, alongside the rising adoption of mobile devices, is driving the rapid expansion of the market for energy services within the smart home. Connectivity opens this sector to a variety of new players, including service providers, app developers, and device manufacturers. For utilities, smart devices open up many new opportunities to reduce consumption and shift load throughout the product lifetime, making them ideally suited for DR and EE programs.

The entry of new players creates competitive pressure, but the energy market in particular is a prime environment for new partnership opportunities. Parks Associates research finds individual smart energy features typically appeal to only one-third of U.S. broadband households at best, but nearly 70% of U.S. broadband households are willing to pay a monthly fee for a bundle of smart energy services. Consumers in general see the value not in one particular offering but in a bundle of services. To ensure the widest possible adoption, companies need to offer the broadest, most appealing bundle of services, which will lead both new and traditional companies in this ecosystem to forge innovative partnerships.

From the article "Adapting in an IoT World: Utility Partnerships."

Next: New DOE report outlines how utilities can best manage & market time-of-use rates
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