We are entering an age of data and information. Nowadays, its is easy and very much possible to track any kind of data. Electricity is our top-most source of energy. Tracking and monitoring of our consumption of our electricity can lead to extensive savings and improvement in our usage.
Advantages for Electric Companies
- Constant tracking of energy parameters leads to increase in efficiency.
- Automatic monitoring of electricity usage. This eliminates manual monthly meter readings.
- Prevents failure of the system by predicting avenues of failure so that pre-emptive steps can be taken to address the same.
- Reduce power outages (blackouts). Real-time data from energy meters gives the operators knowledge of the status of the power infrastructure and it’s usage
- Dynamic pricing. Demand and supply of power will define the cost.
- Avoids the capital expense of building new power plants
- We will be ushering in a new age of market dynamics in electricity demand. This arrangement/ data can be further optimized based on requirements of AI (Artificial Intelligence) in the future.
Advantages for Users of Electricity
After the electric company has fully installed its advanced metering infrastructure, smart meters offer the following benefits to electricity customers:
- Reduces the number of blackouts and system-wide electricity failures
- Trend can be gauged from the graphs of electrical data. This can give a detailed feedback to the power companies. Necessary tweaks can be incorporated in the generation, transmission or distribution to optimize power consumption.
- Constant tracking of power consumption can enable the consumers to make necessary changes in their habit of electricity intensive machinery utilization.
- Dynamic pricing according to the day of the year and the time of day can lead to better utilization of existing resources. This can also lead to lower electricity bills for consumers.
As mentioned above, it’s a win-win situation. The earlier we usher in IoT and monitoring of data in the electricity sector, the greater advantage for the authorities and consumer it would be.
Smart meters and an IoT-enabled electricity infrastructure can provide quick, accurate measurements of electricity use while eliminating the need for estimated monthly bills or home visits from meter readers. The graphs and data collected across a period of time can help the authorities to plan and prioritize better.