Variable Electricity Rate Plans for Homes
By Eric Danziger
| Reading time 1 minute
It may surprise many of you to know that over 70% of all homes in the U.S. are on some kind of variable electricity rate plan. For the vast majority of homes, the rate they pay for electricity changes based how much they use (tiered rates) and /or when they use it (time-of-use rates). Understanding these rate plans, complex structures and energy cost savings is what we at Genability do best. We quantify this variability for our customers to allow them to identify opportunities for load management, demand response, energy efficiency / management and renewable energy technologies.
Genability Assists Parks with Energy Cost Savings Data
Genability recently worked with Parks Associates to identify these and other related statistics for their new report on “Business Models for Energy Services”. The report takes an in-depth look at energy consumption behavior, efficiency programs, demand response / energy management programs, and home automation devices for the residential user. And more importantly, with our help they looked at the cost and savings implications of these.
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Significant Opportunities Ahead in Home Energy Management
The study included a survey of residential homeowners and their view on home energy management and connected appliances. According to the report, over 30% of homeowners never look at their daily electricity usage patterns and less than 4% are enrolled in any type of energy management program. As connected appliances enter the home, these trends are starting to change. According to utilities, the major barrier to growing the residential energy management space is that programs previously lacked a compelling economic value proposition. Genability is at the center of this. By providing home energy management providers with the data and tools to uncover hidden energy purchase value, homes are able to understand the pricing variability and the cost savings opportunities.
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