Social Energy, a UK-based start-up company working together with Duracell Home Energy Storage, has today launched a new platform which runs on artificial intelligence (AI).
Said to be 'the first of its kind' to have met National Grid FFR standards. It allows home energy trading and decreases your electricity tariff from 14 to 4.0 pence per kilowatt hour*. Particularly for households with solar panels, Social Energy offers an average of 15% immediate savings, building up to up to 70%.**
Giving power back to the people
Social Energy claims that consumers can take control of their own energy usage, with the help of a fully-automated, one-of-a-kind platform. The platform is a combination of an energy storage battery and the AI powered Social Energy Hub. The AI software uses machine learning to predict home energy usage patterns allowing customers to achieve optimal savings, by using own reserves first before taking from the grid.
The way we power our homes is changing
"We are on the cusp of a transformation in the way the national grid provides energy, meaning that as we power through the fourth industrial revolution, businesses and household will move from a single central national grid to multiple, smaller min-grids. This will make the creation and consumption of power much more flexible and will be the prerequisite to meeting the increasing e-mobility driven power-needs of households around the world," the company said in a release. "Social Energy has anticipated this and offers consumers the perfect power solution for redefining the way they consume and manage their power."
Social Energy uses Duracell Energy Bank developed by BYD and in partnership with the world’s most trusted battery brand Duracell, as well as a variety of energy storage systems and the software as part of its platform.
Simon Peat, chief technology officer, Social Energy: “We live in an age of disruption, where innovators are challenging established ways of doing things and we no longer accept the status quo as ‘good enough’. Not only we are offering consumers an unprecedented reduction in energy bills, but we are reducing the country’s reliance on traditional energy sources. Across Britain our platform delivers 100% clean energy efficiently, reliably and faster than any other form of energy available. We are confident we can make cleaner and greener smart cities a reality in the years to come.”
Javier Hernandez, President Duracell Europe & Africa: “Partnering with Social Energy is a very exciting prospect for us. ...with Social Energy, we are able to bring this power also to homes and have an entry point to the energy storage market, where we will continue to deliver unparalleled value for our consumers.”
* Supporting evidence for decreases in effective electricity tariff unit rate to 4.0 pence per kilowatt hour*
A report from one of the leading energy consulting firms, Cornwall Insight, values the benefit per household with a 3kW domestic battery at up to £367.92 per year from balancing services alone. Social Energy’s platform uniquely optimises between multiple grid trading opportunities to achieve estimated electricity cost saving per year of up to £226 for households with solar PV.
This equates to a 70% reduction in unit rate to approximately 4.0 pence per kilowatt hour based on electricity unit rates published by BEIS in their 2017 Annual Domestic Energy Price Statistics. When multiplied by the number of households in Great Britain with solar panels according to BEIS solar deployment data, the potential nationwide saving from domestic batteries for solar panel users is £205m per annum.
** Building up to as much as 70% within months, once full grid trading takes effect.