Real Time Electricity Pricing: How Alternative Pricing Programs Can Be Used to Bring Awareness to Electricity Consumption, Encourage Smart Home Automation, Lower Monthly Electricity Bills and Improve the Electrical Grid Public
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The aim of the following project was to increase participation in real time pricing model by educating the consumers about existing electricity pricing models, while reducing their overall energy consumption and using IoT devices to spread out peak load hours on the grid. Based on the results of the survey, the group recommends implementation of alternative pricing models on a state level: Time of Use for the general public and Real Time Electricity Pricing for those with higher risk tolerance.
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