Have you, as an environmentally conscious person, installed a smart energy monitor in your house or business, but your electricity bill has not fallen, or worse, increased?
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Smart home energy meters are designed to save on power costs by monitoring your electricity usage and adjusting it according to peak and low cost times. In the interconnected Internet of Things world, these devices will even run your power hungry appliances at the most cost opportune times. Programming your washing machine to turn on in the wee hours of the night, when the price per kilowatt hour (kWh) of electricity is at its lowest, could save a lot of money.
Unfortunately for the green consumer, few homes buying smart home energy devices are using them. Why is getting more efficiency from your electrons so tough?
Smart Homes Lack Smart Real Time Energy Management Systems
Behind the scenes, the buying and selling of electricity from the electric power grid is an inefficient process that adds a lot of costs to your power bill. The real time management of electricity supply and demand is, in reality, a process that can take days or weeks.
Electricity suppliers are buying and selling electricity in a highly inefficient and non-transparent power market. Even if your local energy supplier gets a good price for the power, it can take days and lots of paper shuffling to settle the transaction. Meanwhile, the delivery of power to end users has to be scheduled in advance, and congestion on electricity grids is common and costly. Most utilities are still on a monthly, rather than a real time, metering and billing system. In the current power market, real time response to electricity supply and demand does not exist.
Make Your Smart Home Hum With True Energy Demand Response
A conglomerate of European energy suppliers and traders has come together to make the smart home smarter and more affordable. Bittwatt has built a smart energy grid on the blockchain that fully enables the smart home. Electricity suppliers, traders, grid operators and consumers buy, sell and transport electricity with transparent smart contracts in one integrated electricity market ecosystem. Electricity demand and supply can be monitored, and electricity balanced, traded, delivered and paid for in real time across, not only local, but also regional and national markets.
The Bittwatt platform does more than help you monitor your electrons. Real demand response means a smart home energy monitor connected to the Bittwatt energy market will bring you real energy savings, and more comfort and convenience to your home.
Solar rooftop panels and other renewable energy gear can be monitored in real time, allowing you to identify times and devices that deliver cost savings. An advantage of a demand response system that monitors supply and demand in real time is the opportunity to optimize the selling of electricity back to the grid. These devices already have the artificial intelligence to make smart home decisions, and with the real time data feeding into them you can now make a profit.
Your household energy consumption patterns can be tracked and changed. You can now monitor the energy consumption of appliances and family members in your household. Who is using how many watts and when? Now that you know the real price at peak times, you can change energy consumption behaviour in your household.
Members of the Bittwatt partnership—comprising Bulgarian energy market coordinator and systems balancer Energy Market TSC, Romanian Power Supplier EVA Energy, and Macedonian electricity supplier Future Energy—already manage over 1,000 GWh of electricity in the European power market.
The footprint of their executive and advisory team of energy market and blockchain experts spans the global electricity market grid. Co-founders Christian Hagmann and Daniel Cristina Stoicescu have over three decades of experience creating IT solutions to optimize electricity market operations in Europe. Hagmann also consulted on the development of COSS (Crypto-One-Stop-Solution)—the Singapore-based cryptocurrency exchange and payment gateway that will help facilitate Bittwatt transactions over the blockchain.
To benefit from the advantages of running your home on real time energy consumption, start buying your kWhs is BWTs—the cryptocurrency for a truly demand responsive electricity market. On the Bittwatt platform, one BWT equals one kWh, or about $0.12 at current electricity prices. The initial coin offering (ICO) began on April 1st and runs for 60 days. Do not wait; The pre-ICO hit its target of $10.8 million in five days. Those who buy BWTs in the first phase of the ICO will receive a 20 percent bonus.
The next time your smart home brightens and dims the light as you walk from room to room, you will be saving money.