An opportunity is available for utilities to play a leading role in helping to improve our environment, while reducing costs on energy distribution and storage. Emerging technologies for smart city applications will help solve many of society's current concerns about high energy consumption and costs. And the most basic services used by consumers are set to be upgraded, resulting in higher living standards.
Not only will electric utilities have the power to accelerate the development of smart cities, they will also help carve out more efficient modern models for business. Looking forward, the next generation utility has become the focal point where all these changes in monitoring and distribution of energy resources will develop. In many ways, utilities are more instrumental in pioneering the smart city revolution than big tech companies as they have already taken an early lead on this shift to a more digital society.
Why Utilities Are Leaders in Building Smart Cities
The future is bright for where modern technology is moving, which is toward smart city applications and the proliferation of IoT devices everywhere. This idea is more than a fad— it's the direction of mass infrastructure improvements. One of the major impacts from this phenomenon will be greater use of renewable energy.
Modern, more independent regional energy producers are gradually taking the place of large centralized power plants. This shift is a direct result of Federal Energy Regulatory Commission Order 1000, which makes energy distribution more competitive.
How Utilities are Spreading Sustainable Values
The stage has been set for sustainable energy distribution to have a much more powerful effect in the 2020s than ever before. One of the driving influences behind this change is faster collection of digital data. Sensors are being placed wherever resources can be measured, leading to richer analytics that guide infrastructure planning.
This more robust data collection is the key to better decision-making for energy usage. It's the essential foundation of how more quantitative and qualitative intelligence points to greater efficiency on multiple levels. Not only can smart technology help cut energy costs and reduce waste within homes and buildings, but it can also be useful for improving outdoor conditions. Moisture sensors, for example, will help lead to better decisions for farming and irrigation. Sensors can also measure pollution, leading to more emphasis on cleaner energy.
Sustainability goals are no longer a matter of idealism. Sustainable urban initiatives, from energy-efficient streetlights to electric-powered public buses, are being adopted in cities throughout the world. Not only does the public overwhelmingly favor greener solutions, so do investors of big businesses. They want to see cost-cutting, as well as higher levels of corporate social responsibility. This combination of this public awareness and corporate advantages surrounding sustainability is resulting in new revenue opportunities for utilities and other businesses on a mass scale.
Utilities Pave the Way for Smart Cities!
At the core of every city infrastructure is a local utility company, which already has the broadest amount of data on residents and businesses. They have existing relationships with the greatest number of customers, compared with any other local entity. That's why utilities hold the key to the development of a smart city. Furthermore, it's utilities that have the most experience about public safety and delivering reliable service to communities.
Curious to learn more about how smart cities are evolving? Check out our smart city technology guide.