As energy efficiency continues to grow, the question that plagues the energy industry is what can be done behind the meter to ensure the continuous growth of energy companies. Many households and individuals are looking to control all aspects of their home, from how it is designed to how it is powered. They are becoming prosumers and businesses need to learn how to help them achieve their goals.
More Control Of Their Energy
With the advancement of technology and increased transparency from companies, many consumers are beginning to take control of their energy sources. They are no longer sitting idly by as consumers and instead are taking the next steps to becoming prosumers. Prosumers produce and manage their energy by utilizing storage devices and are creating energy hubs in their homes.
With storage, they can offer their energy as a good to others in their neighborhood. For example, individuals with a surplus of energy from their solar powered panels could offer to recharge their neighbor’s car or other devices for a fee. Through the help of aggregators, consumers would have the ability to decide what to do with what they generate.
How Does That Look For The Energy Industry?
The opportunity lies on what can be done with the excess energy. We will see an increase in companies that offer services or products that allow consumers to harness their power to trade with others. This can take form by individuals utilizing blockchain technology. This online ledger is known to be secure and offers smart contracts. With its encrypted keys and blocks and self-fulfilling agreements, it could safely contain data and ease transactions between consumers and their peers.
As technology continues to advance, we will also see advancements in how energy can be transferred to locations that struggle to obtain enough to power themselves. For example, certain countries around the world don’t have access to a reliable power grid. Companies can offer a pay as you go service that they would use. Companies would work closely with consumers that have energy storage devices and move their excess energy to locations that need it.
With consumers looking to harness their energy and ensure that it is sufficient for their own use, companies need to change with advancements. Energy businesses can no longer believe they are successful just because their consumers have power. If they want to be successful in the future, they have to change their offerings so that those who are interested in becoming prosumers can do so with ease. Companies that want to stay successful and relevant need to look at how they can be aggregators for their consumers. Otherwise, other companies will enter the market and innovate before they can.