Most would agree that smart grid is the most happening sector in the clean tech industry right now. It is trying to revamp our outdated and inefficient electrical grids through digital technology. The goal is a green grid which will bring us power savings and lower carbon dioxide emissions. The savings come at a steep up-front cost though –- an estimated $520 billion, according to a McKinsey report.
The transportation sector wasn’t included in the study, and neither was a value set for carbon emissions. The savings could be considerably greater if a value is pegged to carbon emissions, an additional 8 percent at $30 a ton.
Of late we have seen many companies trying to take on the energy management challenge from the user’s end. Home energy management products that control appliances at consumers’ homes to save energy, reduce cost and increase reliability and transparency is an integral part of smart-grid strategy.