Energy monitoring systems can benefit greatly from the Internet of Things (IoT). IoT drives operational efficiency and process automation in different industries such as manufacturing, healthcare, energy, retail, and logistics. Using IoT in the energy sector has gained a lot of attention from consumers, governments and businesses. Apart from the benefits to the electricity supply chain, energy management systems using IoT give way to smarter grids and promise savings, enhanced efficiency and improved security.
Read on to find out how IoT and energy efficiency are connected and the benefits of using IoT in the energy sector.
Smart energy management
IoT-based energy management systems offer a wide range of benefits for the supply chain network including consumers and electric utilities. Here is what the application of IoT can do.
Reduce energy spending
Companies and governments are using IoT to boost efficiency for economic benefits. Real-time power usage monitoring, smart metering and data-driven predictions help people in the supply chain to control investment, spending and eliminate waste.
Better comply with regulations
Companies leverage IoT for energy management in daily operations and also use analytics tools to see how they comply with the regulations. SaaS platforms provide analytic tools that show if clients qualify for industry incentives, programs and certifications.
Minimize carbon emission
The energy sector has been going through a lot of changes to keep up with the regulations aimed at reducing emissions. Businesses increasingly integrate energy management services and software and other solutions to their operations to reduce their carbon footprint – measure and analyze their impact on the environment, optimize the use of resources and be able to take measures to correct the problem.
Integrate green energy
Both upstream and downstream professionals in this sector understand that adopting green energy is very important in the modern world. Using energy monitoring sensors, power consumption and performance data, and utilities, to better understand how to reduce the use of renewables in their offerings.
Optimize asset maintenance
The benefits of IoT for the energy industry go beyond energy efficiency. Data analytics and sensors can be used to monitor the performance and condition of equipment and machinery on distribution networks, power plants and the whole renewable ecosystems.
Power distributors, utilities and producers invest in modernization to do more things than smart energy management using the Internet of Things. They rebuild their operations to optimize costs and labor efforts and drive automation. Using Internet of things monitoring systems can help producers to automate expensive on-site asset management and make improvements to operations. Utilities rely on energy consumption to automate dynamic pricing calculations.
Reduce operational expenses
The use of IoT in energy monitoring systems helps reduce operational expenses. Optimized labor, automation, and effective asset maintenance lead to a significant decrease in expenses. Adopting advanced analytics software is estimated to cut on about 90% of the effort and time spent on analyzing energy, reporting data and calculation. When IoT is used in the best manner, these benefits can be more and companies will be able to save more and make more profits.