You might wonder how is it possible to earn money for using less energy? It’s easy to understand that your energy bill would go down if less energy is used but earning cash does not make much sense. Equivents are when the magic happens for Equiwatt users. Through our Demand Side Response technology, we are able to pay households who save energy during Equivents.
What are Equivents?
Equivents are simply 1 hour events about 10-12 times a month when we reward our users for saving peak energy.
There are certain peak times during the month when a large amount of people use electricity at the same time. For example, around 7 pm when people get home from work and start cooking dinner. So that nobody is left starving and without electricity, energy providers have to turn on additional power plants to meet demand. These power plants are traditionally heavy CO2 producers and expensive to run.
To avoid this, energy companies offer consumers money to reduce their electricity usage during peak times. It is cheaper for them to pay consumers for not using electricity than to turn on those additional power plants.
Equiwatt helps households take advantage of these offers by inviting users to reduce energy at those peak times and earn money. We call this scheme Equivents. Therefore, pausing your dishwasher after your dinner when every other household is running theirs, will earn you money.
How to earn money and reduce CO2?
Equiwatt has developed intelligent technology that helps people take part in Equivents and reduce energy consumption during those peak times. By installing Equiwatt’s kit, it’s easy to benefit from Demand Side Response. The kit helps monitor live energy usage of a home enabling people to plan and action their energy saving better during Equivents.
It is also recommended connecting appliances to a smart plug and pair it to the Equiwatt App. This allows us to automatically turn off home appliances during Equivents and back on when the event is finished, thereby not requiring any manual effort during Equivents.
The more energy is reduced during peak times, the more money is earned. Therefore, it is clever to automatically connect appliances that are usually on during those peak time. It could be a fridge, freezer, hot tub, dishwasher or even an Electric Vehicle.
Boost your earnings!
A fridge, however, does not consume a lot of energy on its own, limiting energy savings and earnings during Equivents. Therefore, it is possible to earn more money by manually turning off appliances. Equiwatt will let people know when Equivents are happening and you can turn off as many home appliances in your house as possible to increase the earnings. Unplug any chargers, turn off lamps, postpone your cooking and so on.
The rule is – the more energy is reduced, the more money you earn. The benefits are not just financial, it will also reduce the need of turning on dirty power plants which will save CO2 dramatically.
Therefore, everybody wins, people earn money, energy companies reduce their spending and a great deal of CO2 is reduced.