There is an ongoing effort to reduce energy consumption and carbon emissions around the world. Along with conscious human intervention, this effort is now being fuelled by technologies such as the Internet of Things (IoT). Today, businesses and home users are implementing IoT -driven smart energy solutions, owing to several energy-efficient advantages offered by them. A study by McKinsey suggests that IoT will make a worldwide economic impact of $11.1 trillion by the year 2025. Today, IoT sensors and IoT enabled devices are used in all phases of energy cycle right from generation, transmission, distribution to consumption. However, the most profound impact can be felt in energy consumption. Be it start-ups, homeowners, or multi-facility users all are keen to utilize IoT technologies for energy management. This post discusses the role played by IoT for energy consumption minimization.
Popular IoT Devices for Energy Management
Before discussing the role played by IoT sensors in reducing energy consumption, let’s have a look at devices that help in dividual users including large multi-location facility owners and utilities to manage energy supply and consumption efficiently.
Smart Energy Grids: These are IoT powered energy distribution systems that allow businesses to manage their energy distribution productively. Utilizing these systems, the companies can easily manage their electricity distribution during peak times and outage. As many businesses are now deriving electricity from fossil fuels and renewable sources to power their premises. These smart grids allow them to make a decision on the basis of demand and supply. For instance, during peak periods they can rely on electricity from fossil fuels, whereas for less demanding situations they can always utilize electricity from renewable sources. This helps them reduce their carbon emissions, and minimize their energy consumption effectively.
Smart Meters: These are important components of smart energy grids. Being powered by IoT, these meters collect important utilization data of electricity, gas, and water. They have make it easy for users to get the real-time data of their energy usage. This data helps them make smart decisions regarding energy usage by evaluating their existing usage patterns and adopt mature energy saving practices.
IoT for Energy Management: How Utilities and Multi-facility Businesses are Benefitting from IoT Devices
1. Improved Productivity: IoT infrastructure features devices and sensors that are connected to a network. The sensors capture data and transmit the information to connected devices such as meters. These devices send information to users in the form of data analytics. These sensors and various connected devices generate automated alerts, which allow business owners to optimize their productivity, minimize downtimes, as well as improve efficiency of operations across their various facilities. In short, the Iot infrastructure enables businesses to gain excellent control of energy consumption. However, these automated alerts allow utility players to make required adjustments
2. Better Asset Management: The utilization of IoT for energy management has helped minimize energy inefficiencies caused due to faulty equipment. IoT connected sensors are used to monitor the health of energy generating assets from solar panels to wind turbines to transmission lines. The data collected from sensors is sent to meters that notify business owners regarding the failure of components, the urgency of maintenance, and enable them to take appropriate measures to optimize maximum uptime and minimize down times during the repair of these devices.
3. Better Monitoring and Management of Energy Consumption:
Multi-location facilities are also utilizing smart energy meters for minimizing their energy consumption. These meters provide the data of load forecasting and allow users to set the timings, as well as adjust energy supply across various facilities as a result of peak times across various facilities. The good thing is these adjustments can be easily done using their smartphones.
4. Improved Accessibility to Usage Information: IoT combines various energy consumption models on a single platform. It allows users to monitor the consumption of electricity, gas, and water on a single dashboard. Users can now use their tablets, laptops, as well as smartphones to analyze their power consumption, view bills, efficiently manage energy use, and improve their bottom line by minimizing energy costs.
5. Affordable Power Supply: IoT solutions are allowing utility players to create tailored energy plans and tariffs on the basis of usage. So, business owners can access these plans and take advantage of tariffs to avail affordable power supply.