An energy management system (EMS) is a computer aided system that has the ability to optimise the energy efficiency and overall performance of a space. Energy management systems are having a huge impact on the energy industry, with industries such as restaurants and retail chains implementing these solutions at a rapid pace. Here are four energy management solutions that are extremely beneficial to these industries:
Smart Grids and Demand Response Models
Smart Grids and Demand Response (DR) models are a central solution of an energy management system. Demand Response models help powers Smart Grids in order to develop a real-time analysis of customer trends. This allows energy tools to distribute energy levels based on this prior data. Smart grids can help contribute to savings of both energy and energy costs. Hitachi and Frost & Sullivan predict a $10 billion investment in Demand Response initiatives by 2020.
Smart meters enabled by wireless technology are essential in commuting information on energy consumption directly to the supplier. This data, such as meter readings, allow suppliers to optimise their energy consumption. According to GlobalData, the market for smart meters is expected to grow from $7.1 billion in 2017 to over $10.4 billion in 2022, with the number of smart meters globally nearly doubling.
Virtual Power Plants
Virtual Power Plants (VPPs) allows a cloud-based network to monitor and control energy distribution. This allows for a network of energy sources possible for use when energy is at its peak. For example, another source of energy, other than solar energy, is able to balance during night as solar energy can only be used during the day. Thus, users can still enjoy the benefit of renewable energy while increasing the reliability of these grids.
The digital solutions listed above can combine to create what we call “Internet of Buildings”. With enough smart buildings intact, a smart city can be well within reach. These digital solutions can transform how businesses integrate renewable energy to create a reliable and clean energy network. This Social Innovation has the ability to transform how businesses and consumers live and interact with energy everyday.