Customers could be automatically switched to an energy tariff matched to them by artificial intelligence (AI), under plans being developed by Lightsource BP.
Powerverse, a startup created by the global solar developer, is launching a new home energy management platform aimed at alleviating growing “energy anxiety” among domestic consumers.
The firm’s chief executive told Utility Week it is aiming to attract 250,000 users over the next five years. He said that while the platform is not yet able to automatically switch customers between energy tariffs, the company is planning to add this feature in a future update.
Initially the tool will help users monitor and control their energy consumption and provide tailored advice on energy tariffs and home improvements.
The company said the adoption of low-carbon technologies such as electric vehicle (EV) chargers, solar panels, heat pumps and smart appliances is “time-intensive, confusing, and highly inconvenient, often requiring hours of research and causing ‘energy anxiety’. This is hampering the consumer-driven shift to a low-carbon, low-cost energy future.”
Powerverse said its platform uses AI fed with thousands of data points to analyse customers’ consumption patterns and provide tailored advice on actions they can take to save money or reduce their emissions, for example, by switching energy tariff or installing solar panels.
In the case of the latter, the company said the platform can use online maps, weather forecasts, consumption data and pricing from approved installers to determine the size and aspect of a customer’s roof, suggest suitable hardware, calculate the costs and benefits, and even arrange the installation itself.
The platform can also directly control devices such as solar invertors and EV chargers to enable customers to earn money by providing demand-side response.
Powerverse is the brainchild of Lightsource BP founder and chief executive Nick Boyle, who in 2016 set up an in-house energy technology incubator called Lightsource Labs, which he then used to create the platform.
The company said its AI has undergone a five-year training programme in partnership with companies such as UK Power Networks, EDF Energy and Barratt Developments. This included both in-lab training in a simulated smart home at its research and development centre in London and real-world tests in hundreds of homes across the UK.
Speaking to Utility Week, Powerverse chief executive Richard Britton said he was brought in by Boyle earlier this year to take the technology “out of the lab” and turn it into an offering for consumers.
He said the “need is there like never before” for consumers to be able to take control of their energy usage without having to worry about all of the decisions they may otherwise need to make.
Britton said users can interact with the platform through its AI assistant, Powerverse Vesta, which provides “a mixture of smart recommendations and automated actions based on the learnings that its achieved from the collective experience of people in energy across all of the Powerverse.”
Britton said he expects EVs to be a crucial driver of interest: “From our research, nearly one in two EV drivers today either have or are looking at buying solar panels.
“When people buy an EV, although they’re no longer committed to the forecourt economy, that cost is moving across into their household budget through their electricity bill. It’s a catalyst for them to then think differently about how they run the energy in their homes”.
Powerverse said the platform is compatible with numerous third-party smart devices but it is also developing its own portfolio of products including smart EV chargers, solar panels, batteries and heat pumps. Britton said they are at “various stages” of the design and manufacturing processes but will be “coming soon”.
The company said it is in talks with more than 20 major technology providers to distribute the platform and sell their devices through its app and website.