Utility billing in the age of the smart grid
Many of the major utility companies are preparing for an overhaul of their systems infrastructure as the market is beginning to favor the use of smart grid initiatives to lower the total energy use in the country, according to Pike Research.
The move for cutting electricity consumption has been spurred by government initiatives and due to the fact that 5 million commercial buildings in the U.S. are responsible for 40 percent for the country's energy use.
A Department of Energy initiative, the Greater Philadelphia Innovation Cluster for Energy-Efficient Buildings project (GPIC) is working to solve this problem through the development and design of energy efficient buildings and technologies at the Philadelphia Navy Yard.
Pike Research reported that due to the this switch to more efficient energy systems, there has been a significant use of smart meters, time-of-use and real-time pricing, demand response programs, net metering and a large amount of data that is generated from the smart grid.
According to the research firm, this transformation of the market could lead to a business development of smart-grid like products that could be valued at more than $4 billion.