August 20, 2019
What is Artificial Intelligence & Machine Learning?
Artificial intelligence refers to machine ability to exhibit human-like intelligence for a specific task. AI uses several different technologies and systems of machine learning including language processing, computer vision, and speech recognition.
Machine Learning is the practice of using algorithms to sort mass amounts of data in order to detect patterns and make decisions/predictions based on these patterns.
The Rise of AI
Artificial Intelligence has seen many ups and downs throughout its development. Lately, we've seen real progress and AI is beginning to change the world. Recent advancements include:
Advanced Computational Power: This is now available at a low cost in the cloud and can be accessed quickly to increase the training speed of the deep learning algorithms.
Massive Data: With the large amount of structured and unstructured data available from multiple sources, there has never been such an abundance of training material for the algorithms.
Machine Learning Development: Algorithms have been able to uncover hidden patterns in utility data bases, serving as practical tools to help develop applications.
So how does this relate to utility companies?
Utility companies are using artificial intelligence technology to upgrade user experience. The industry is shifting from a regulation-driven environment to a technology-driven marketplace. Many utility companies are relying on smart devices to optimize their infrastructure and supply-demand balance. There are many reasons why utility companies are switching to AI and here are just some:
Allowing for a better user experience: Utility companies have rolled out AI services in the shape of customer service bots and help desks. AI is able to automate the customer service process and improve the experience of customers with faster reply & resolve times. Not only that, machine learning can also help customers choose energy retailers by learning about the customer’s energy consumption patterns. After learning these patterns, AI will be able to scan the market for the most suitable offers. Another helpful aspect for consumers is consumption insight — where the meter data can be analyzed to see how much each item contributes to the electricity bill.
Load Forecasting: Many of the utility companies use AI-based load forecasting algorithms to predict the power needed to meet customer demands. Machine Learning could oversee supply & demand in real time, predicting peaks to reduce energy usage by saving energy during down times.
Energy Theft: Having AI technology can allow for detection of usage patterns, payment history, and other data that will help to reduce energy theft.
AI can predict when your system may need maintenance: Drones are now used to identify defects and predict failures in utility systems. This technology can spot defects without interrupting the usual operation of the system.
Trading excess energy output: When your solar panels produce more energy than you need, AI makes it easier to send this excess energy back to the grid. This allows for energy trade between the consumer and the utility company. AI is able to predict usage and match energy producers with consumers by charting a system's supply & demand.
AI can help predict your energy usage to avoid high energy bills: Analytics from AI technology are helping utilities provide better energy management services. AI can utilize data and examine statistical algorithms with machine learning techniques in order to predict future outcomes based on prior data. AI can use data-driven insight to deliver relevant communications — helping consumers and optimizing operations.
Smart Meters: Smart meters in the US generate customer data, collecting information to predict customer wants and needs. Using a robotic process will allow businesses to automatically process tasks such as meter reading, billing, processing payments, and more. According to the US energy information administration, 78,901,590 smart meters have been installed, mainly on residential properties.
Yield Optimization: Power providers can make energy generation a more efficient process with real time adjustments — thanks to AI technology. AI’s data-driven analysis allows for multiple optimization techniques to maximize power generation.
With these advancements in artificial intelligence, we should see massive energy bill reductions thanks to smart technology implementation. For now, switching to solar can lower your utility bill significantly, while also supporting clean, sustainable energy generation. If you are interested in going solar, contact YSG Solar today at 212.389.9215.
By Kasey Liu
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