3 Electricity Trends to Watch in 2019
Updated: Jul 31, 2019
In 1879, Thomas Edison discovered how to bring electricity to a light bulb and help it remain powered. Since then, electricity has dominated our lives. Virtually every aspect of our lives involves electricity in some form or another. Without electricity, it would be impossible to even write this article, for example.
IT & Data Meet Electricity
The digital and the IT revolution has made its impact felt throughout many sectors of the economy. What is undoubtedly true, however, is that this impact has not been profound on electricity quite yet. Data provides powerful insights for businesses, governments, and consumers all across the globe. As data becomes more accessible to consumers, it will help them live their lives in a more efficient manner.
With smart meters, appliances, light bulbs, and thermostats all connect to cloud storage. The data is exported to the cloud where the user can interpret the data. This allows the user to make smarter decisions about their electronic devices.
As artificial intelligence becomes increasingly commercially viable, it is easy to see how this piece of the market will become innovated. AI will be able to analyze, interpret, and make efficiency corrections for the users.
If you feel like you have been noticing more electric vehicles on the road, you are more than likely correct. Since 2015, electric vehicles sales have been steadily increasing. As the technology has improved, the early adopter stage is now over. More and more individuals are realizing the value in electric vehicles.
As we covered in our previous article , 1.2 million electric vehicles were sold worldwide in 2017. The average American spends around $1,400 a year to put gas in the tank. In comparison, the typical American electric car owner spends between $350 to $540 to charge their vehicle annually. The savings and environmental benefits are two major reasons why many have elected to replace their old cars with this modern alternative.
As infrastructure for electric vehicle charging stations improves, prices continue to come down, and more companies make electric vehicles, there is good reason to believe they will only increase in popularity. Government incentives for car companies to help combat emissions would also help expedite the process toward more electric vehicles in circulation.
Distributed Electricity Storage
For many years, power plants have merely adjusted their flow of electricity to help balance any deficits or surpluses that exist over widespread areas. It has long been desired to be able to store this energy in places that are external to the power plants. However, it has historically proved to be too costly.
For those residing in Germany and Australia using solar panels, they typically have paid a top end price for collecting energy from the grid when sunshine is lacking. However when sunshine is abundant and they create an electricity surplus, they are rewarded very minutely by utility companies when feeding that surplus back into the grid.
Batteries that are able to store this type of energy has steeply fallen in price the last few years. This is ideal for consumers and creates opportunity for businesses. These type of batteries allow consumers to hold onto power they have already produced for themselves. This allows them to then save the power for when sunshine is lacking and therefore not pay utility companies for supplemental power.
All three of these trends are interrelated to one another. As the way we utilize and interact with electricity constantly changes, so will the costs, possibilities, and impacts on the environment change as well. As newer technology makes it way to the market at a faster pace, we can expect this to happen at increasingly faster rates.