Energy Industry
Energy industry is going through a huge transformation mainly driven by the introduction of sustainable energy production sources in the energy mix of every country potentially leading to gradual reduction of CO2 emissions. This was made possible through the cost reduction of renewable energy production technologies such as photovoltaics. Energy storage industry is moving also fast with the introduction of the electric vehicles and new age battery storage systems. This facts lead to potentially every energy consumer be considered as an energy producer (prosumer), bringing tectonic changes in the energy utilities industry. Real time energy monitoring on both user and load level becomes critical for load balancing and energy efficiency reasons. Every energy user and load should potentially be connected and controlled by the Grid in real time, providing information of energy consumption, production and control. Internet of Things is the technology that enables real time data to be communicated in real time to and from the loads to central decision points, where energy service providers such as Utilities, Aggregators and Energy Saving Companies (ESCO) process them and provide relevant energy management and efficiency services.
For 2015, the advanced energy market totaled nearly $1.4 trillion in estimated global revenue, up 8% over 2014 and 17% higher than 2011, counting only products for which we have five years of revenue data. The global market for advanced energy in 2015 was twice as big by revenue as the airline industry, bigger than the global fashion industry and approaching worldwide spending on media and entertainment. From 2014 to 2015, advanced energy revenue grew at more than three times the rate of the world economy overall. (Source: ADVANCED ENERGY NOW 2016 MARKET REPORT Global and U.S. Markets by Revenue 2011-2015 and Key Trends in Advanced Energy Growth Prepared by Navigant Research)
Energy Efficiency
Energy saving is cheaper than energy production. A part of the cost savings it generates could be used to pay off the energy efficiency investments during a finite time period – usually 3-5 years. During this period the customer still enjoys energy cost reductions. Following the energy saving project pay off period the customer enjoys even greater energy cost reductions, affecting positively bottom line results.
Source: ACEEE
Energy efficiency projects are tightly related to financing. The risk of this type of projects is correlated mainly to delivering contracted energy savings. In order to analyze in a reliable manner energy efficiency projected savings in a building, one must measure in as much detail as possible the basic loads and build a business case. Real time energy monitoring need becomes apparent. Following the implementation of energy interventions, the continuous monitoring of the building’s energy performance becomes necessary, in an even more detailed manner than in the analysis phase. This happens because there is always the need for a deeper analysis on specific loads energy performance.
There is always the question ” Why do I need to constantly monitor the energy consumption in an analytic and detailed manner in my building(s) or plants? I’ve done this once at the beginning of my energy efficiency project and this should be enough”.
The answer is relatively simple. There is no such thing as a non-monitored system, especially when its performance is related to human behavior. Once the energy interventions related to energy efficiency have been implemented in a building, constant monitoring in a detailed and real time manner is required in order to make sure that the contracted energy savings are delivered and therefore monetized.
Real Time Energy Monitoring
Up to now energy efficiency investments had to overcome 4 main barriers of energy monitoring and management, affecting the whole investment:
- Large energy submeters, preventing the monitoring of many loads in the same power distribution panel
- Expensive equipment and installation costs including wiring and complexity
- Monolithic and closed energy monitoring and control systems, locking in the customer with specific vendors for the overall investment lifecycle
- Lack of real time energy monitoring combined with old fashion remote login requirements, limiting a lot the efficiency of the energy monitoring process
These barriers held back energy efficiency investments for the simple reason that the proof of concept initial pilots where too expensive to be launched.
Luckily there is a way to get over above barriers nowadays and proceed with a profitable energy efficiency investment that is also greatly beneficial for the environment. And this is Internet of Things.
About Meazon
Meazon’s Bizy real time energy monitoring and control platform features wireless, easy to install and revolutionary small energy submeters, with an open interface to the cloud and low Total Cost of Ownership. The platform is integrated to Microsoft Azure cloud, providing meaningful energy management anywhere anytime.
Meazon is not yet another company producing energy meters & analytics. We are an Energy Efficiency Technology company. We analyzed thoroughly the technology barriers that energy efficiency projects face today and designed our portfolio in a way that lowers or removes those barriers. We found an excellent match of the IoT technologies in the energy efficiency sector. We possess unique knowhow and experience in designing and commercializing in large scale embedded electronics technologies utilizing processes and subcontractors in a cost efficient manner.