Saving energy is something we know we to do better. It's good for consumers, because it reduces their power bill, and it's good for power companies too, especially when people are demanding more energy than they can provide. Many power companies across North America have spent millions of dollars on PR campaigns that just don't work. That's because reducing your energy use is almost like going on a diet. People change their habits for a little while, and then slip back into old habits.
SimpTek Technologies has a fascinating solution for this that helps both consumers and power companies. With their cloud-based software and your power meter, SimpTek can detect each of the appliances in your home and show you in real time the amount of energy each appliance is using and its associated cost. Users can set a budget goal each month and the SimpTek system will monitor their usage and provide notifications when the usage rate of one or more appliances is going to make you miss your target. It then provides tips on how you can change your usage patterns of specific things to get back on track. If your home has smart appliances, SimpTek can do this automatically.
SimpTek's solution is currently being offered to consumers via their power company. So why would a power company want to provide a technology to all of their customers that leads to a reduction in energy use? Won't that lower their sales revenue? Power companies need consumers to lessen their use at peak times. That's because when the amount of energy demanded is greater than what they can supply, they must buy it from other jurisdictions at a premium price. Since electricity prices are regulated in many markets, this means the company has to absorb the higher energy generation prices, hitting their bottom line. Plus, with big data analytics, power companies can get a better understand about how their customers as a whole are using energy in specific areas and at specific times that can help them better manage their grid, while further building goodwill with their customers.
Led by CEO Asif Hasan, and COO Keelen Gagnon, the company was the 2nd prize winner at NBIF's 2015 $750,000 Breakthru Startup Competition, and are getting ready to hit the market strong.