Around the globe, the application of AI and its automated capabilities have already been quite fruitful in revolutionizing several industries such as technology, banking, manufacturing, marketing, and entertainment. Its ability to offer advantages regardless of the sector, or work being done, has allowed new-age AI applications to flourish quite well at such a rapid pace.
According to the latest data, the global AI market value is expected to reach approximately USD 207.9 billion by the end of 2023, up nearly 50 percent from 2022 (USD 142.32 billion, and more than doubled since 2021 (USD 95.6 billion). Furthermore, experts are predicting the AI market value to grow at a CAGR of 32.9 percent from now until 2030, putting the estimated market value at USD 1.85 trillion, which is more than a whopping nine times the expected 2023 value.
This swift growth is unsurprising, given the variety of practical use cases that have been found for AI and automation across a multitude of sectors and verticals. AI-driven technologies have been monumental in reforming certain industries, helping to bring manufacturing further into the digital age than ever before.
The energy sector is primed for AI and automation, whether in energy generation, distribution, or management at scale and all the way down to individual homes.
Improved Energy Equity with AI
Energy drives economies and helps sustain societies, and in both renewable and non-renewable forms.
Unfortunately, while electric grids are a major driver of economic growth and prosperity in many countries, current policies mandating how energy is sourced and distributed rarely consider the implications of energy affordability, especially in relation to vulnerable populations or lower-income communities.
Access to affordable and clean energy is a crucial piece of the puzzle when it comes to eradicating poverty, improving health and education, promoting economic growth, and combating climate change.
This problem of energy inequity, while it is certainly one that plagues nations all around the globe, is very much a challenge for many citizens in the United States. According to DOE’s Low-Income Energy Affordability Data (LEAD) Tool the national average energy burden for low-income households, which makes up 44 percent of U.S. households or 50 million houses, is 8.6 percent, three times higher than for non-low-income households which is estimated at 3 percent. In some areas, depending on location and income, energy burden can be as high as 30 percent.
This is where AI and automation can play a crucial part in combating energy inequity and making energy more affordable for all citizens. As said earlier, AI has already revolutionized nearly every industry it permeated, and the energy sector can be no different with the help of AI-driven energy systems, especially when used on a large-scale.
For example, and most prominently, is the improved efficiency the technology can enable for public housing organizations and local governments, which in turn also saves money for both the organizations and its consumers.
An essential benefit of AI-driven energy systems given the current state of climate change, is its ability to help rescue carbon emissions.
By using predictive analytics to anticipate changes in supply and demand, local housing organizations can ensure that only enough electricity is generated to meet current needs—which reduces unnecessary production that leads to excess emissions.
Furthermore, operators can reduce their reliance on fossil fuels and minimize their carbon footprint even further by predicting when renewable sources are most likely available or economical—such as when there’s plenty of sun or wind.
Why Hub Controls is Focused on Energy Equity
At hub controls, we understand how imperative energy equity is for improving the living conditions for citizens all around the world, which is why our goal is to reduce the strain of inefficient energy use for all homes by installing our Hub Controls system.
Our system is affordable, easy for service providers to install, and intuitive to use because the system is continually self-learning. Consumers simply set their basic parameters, and the system then monitors and adapts to ensure energy is never wasted. Our Hub Controller systems also come equipped with automatic energy reduction (AER) capabilities to ensure the most efficient use of energy.
AER delivers energy savings by reducing the amount of boiler-on time through intuiting a households’ preferences even more accurately than a human could. This makes it easy for consumers to save on energy, in many cases driving a reduction of well over one-third savings, even if consumers forget to monitor their energy use themselves.
Overall, it’s unfortunate that helping households reduce energy waste through education and behavior changes is difficult. Many earlier energy saving initiatives failed to produce useful or long-term results, and even the supposedly innovative solution of smart thermostats can’t provide evidence of actual energy savings over time.
This is What Sparked us to Create the AER-equipped Hub Controller
With four years of data, we at Hub Controls have built a fully automated intelligent system that helps consumers take control of their energy usage with very little effort once the system is set up. This not only helps consumers improve their energy efficiency, but also helps to continually optimize the energy we have by lowering consumption and reducing waste – automatically – benefiting people, providers, and the planet.
Contact us to set up a demo and discuss how Hub Controls can generate value in your business, while improving the lives of your customers.