With the rapidly rising cost of energy and growing demands for environmental responsibility, companies and municipalities are increasingly paying attention to optimizing energy consumption. Moreover, ESG (Environmental, Social, Governance) criteria are becoming increasingly important in business, and soon all enterprises, factories and offices will be required to comply with these standards. One of the most effective tools for achieving these goals is monitoring energy consumption through the Internet of Things (IoT) platform like Widgelix.
Let’s look at the key aspects that provide comprehensive control and management of energy resources.
Monitoring Energy Consumption
Monitoring energy consumption is the foundation for effective energy resource management and compliance with ESG criteria. The Widgelix platform allows real time tracking of energy usage across various facilities, whether it’s an industrial plant, office building, or residential complex. Sensors and meters connected to the platform capture energy consumption data and transfer it to a cloud based system, where the data is processed and analyzed. This enables users to quickly respond to changes in consumption and take timely actions to optimize it.
In fact, the commercial real estate sector alone could save an estimated 29% of annual energy by implementing efficiency measures like monitors and controls. Those savings translate into environmental and financial benefits.
Calculation the Cost of Consumption
After collecting data on energy consumption, an important step is calculating its cost. Widgelix allows you to automate this process, taking into account tariff rates, time of day, consumed kilowatt hours and other parameters. Such automation significantly simplifies accounting and helps to accurately estimate energy costs for various objects or departments.
IoT technologies are actively used in the manufacturing sector in Europe. In 2023, investments in IoT amounted to approximately $227 billion, with a significant part of these funds aimed at reducing operating costs through improved energy management and automation of production processes.
A Deloitte report highlights that energy management, when coupled with technologies like IoT and predictive analytics, helps companies optimize energy use, which can lead to cost reductions between 10-20% depending on implementation.
Consumption Forecast
Energy consumption forecasting is a key tool for budget planning and resource efficiency improvement, as well as for ESG compliance. The Widgelix platform, based on historical data and current trends, allows for energy consumption forecasting for future periods. Such forecasting helps to plan budgets more accurately and optimize expenses.
Unauthorized Consumption Detection
One of the serious problems faced by companies and utilities is the unauthorized use of energy resources. Widgelix helps to quickly identify such cases by analyzing deviations from normal consumption and recording suspicious activities. For example, a sharp increase in energy consumption during non-working hours may indicate an unauthorized connection or energy leak.
The ENERGY STAR program has documented significant energy savings through efficiency measures. According to reports, businesses can lose up to 10% of their energy through inefficiencies such as unauthorized usage and leaks.
Fault Detection
Electrical equipment faults can lead to significant losses and additional costs. Widgelix promptly identifies such deviations by analyzing and comparing with previous energy consumption data, which helps minimize risks.
Failures can reduce overall productivity by 5-20%. Predictive maintenance, utilizing IoT and AI-based systems, can mitigate these losses by improving equipment uptime, reducing maintenance costs by 18-25%, and preventing unexpected failures.
Our IoT platform Widgelix provides all the necessary tools for complete control and management of energy consumption, which helps companies save significant amounts of money and meet ESG criteria.
The national average carbon dioxide output rate for generated electricity in 2018 was 0.429 kg CO2 per kWh. Saving 1 ton of CO2 emissions is equivalent to preserving the CO2 absorption of approximately 40 to 50 trees.
Using IoT and AI solutions like the Widgelix platform provides the possibility of saving at least €2.8 million per year in different facilities of an average city.
