From the course: How Tech Drives Sustainability

Balancing supply and demand on smart grids using IoT

From the course: How Tech Drives Sustainability

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Balancing supply and demand on smart grids using IoT

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- [Instructor] Smart grids allow energy utilities to provide consumers with a consistent power supply. Integrating IoT and renewable energy helps energy suppliers accommodate electricity from renewable sources and serve their consumer demands. Smart meters are an example of an IoT use case. At a commercial site, smart meters give real-time consumption data to electricity suppliers. This data can be used to forecast usage, which in return reduces utility problems associated with solar energy. At the same time, at home, smart meters enable customers to measure electricity usage in hourly increments. Most utilities have a range of different pricing plans available to customers. Smart energy meters are also beneficial for end consumers as they can save money on their electricity bills by making the most of solar power by getting real-time data on their consumption. This will give them an idea about the habits that contribute to high electricity bills and help them change bills with minimal effort. An example of this is smart energy systems which actively monitor electrical needs using digital technology. By knowing when and where electricity is needed, suppliers can generate enough to meet demand. Smart meters gather information on energy networks that are required to react to the amount of energy being consumed, and therefore the generation required by the grid. This two-way communication between consumers and the energy network enables real-time automatic responses to changing electricity demands. By using analytics and data processing solutions, this can help develop trends and patterns related to peak load conditions. Practically, this allows utilities to reduce the use of power plants during normal off-peak timings and run them when the electricity demand is extreme. It's a win-win scenario. Utilities can balance the supply and demand conditions and also limit the emission of toxic substances into the environment. Smart grids have provable ROI for customers. The simple act of contacting your utility provider to install a smart meter can help produce air pollution and have a bottom-line impact on your business.

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