Opower Celebrates 25 Millionth Home Energy Report Milestone; Savings of More Than 650 Gigawatt Hours
Company expects to send 50 million additional reports in 2012 and expects to hit its 1 terawatt hour savings goal six months earlier than anticipated
San Antonio, Tex. -- January 24, 2012 --
Opower — the global leader in customer engagement and energy reporting software for the utility industry — today celebrated the calculation of its 25 millionth Home Energy Report, demonstrating industry-leading scale. The 25 millionth report will be sent to a utility customer at the end of the month. In addition, the company revealed that it will double the number of all Home Energy Reports sent-to-date during 2012, bringing the total number of reports sent to households to 75 million over 5 years.
“Each Home Energy Report that heads to a customer on behalf of our utility partners carries with it an opportunity for that customer to save energy based on the clear information and personalized insights we provide,” said Dan Yates, CEO and cofounder of Opower. “In our fifth year of operation, Opower will continue to demonstrate industry-leading scale, as we expect to send out 50 million additional Home Energy Reports in 2012, and hit our savings goal of 1 terawatt hour nearly six months early. This incredible forecast for the upcoming year is a testament to the effectiveness of Opower’s Home Energy Reports, which have led to savings of more than $66 million in energy for customers to date” he said.
Opower’s Home Energy Reports have evolved significantly to become the gold standard within the industry. There are now more than 95 different permutations of reports, which contain various dynamic modules that can be chosen by the utility. Each individual report is dynamically generated with personalized content based on each customer’s energy use patterns and demographic information, as well as seasonality and weather. The reports are optimized based on high levels of measurement and verification scrutiny.
In 2011 alone, Opower ran about 150 in-treatment tests to optimize for impact across customer segments. These test groups each contained a minimum of 12,500 participants and averaged 25,000, allowing the company to measure the impact of each unique treatment at an extremely granular level (about point three percent at an 80 percent confidence level). In total, the company has accumulated over 85 “utility years” of results—all of which has led to refinement and evolution of products and services.
Last year Opower set a goal to hit 1 terawatt hour in energy savings by the end of 2012. It now looks like the company is on track to hit that goal more than six months early, partly due to expansions of its Home Energy Report programs with utility partners. To date, the company has measured and verified savings of more than 650 GWh, which is enough energy to power more than 60,000 homes in the U.S. for a year.
“Opower has demonstrated the power of using behavioral science to encourage energy savings at a tremendous scale,” said Opower Chief Scientist, Dr. Robert Cialdini. “As the company expands its offerings, behavioral motivation will continue to be a core tenet,” he said.
Today, the company also announced Opower Marketplace, which builds upon the Home Energy Report by connecting utilities with big box retailers and equipment manufacturers to offer highly targeted rebates, coupons, and promotions. The offers are delivered within a customer’s Home Energy Report, which is the precise time when people are in the mindset to be considering making efficiency upgrades in their homes. Opower research has shown than offers in this context can lift participation rates by more than 80 percent. In addition, due to the uniquely identifiable bar code, the burden of tracking redemptions and evaluating program effectiveness becomes a problem of the past. The Home Depot is the first nationwide retailer to join Opower Marketplace.
Opower’s Home Energy Reports provide utility customers with the context they need in order to make better sense of their household energy use—something that has mystified people for years. The reports, which provide information for both electric and gas customers, put energy use in the context of similar homes and compare use relative to efficient others to encourage savings.
The company serves more than 60 utilities and reaches nearly 11 million households with its customer engagement platform. Opower has also been selected as the front-end for most of the U.S.’s marquee Smart Grid deployments, including PG&E and BGE. Founders Dan Yates and Alex Laskey were recently noted by Fortune within its highly regarded list of “40 Under 40.” In addition, Opower was named by FORBES as number ten on its list America’s most promising companies.
With the launch of Opower Marketplace, the new social energy application in partnership with Facebook and NRDC, and work with Honeywell to provide mobile and web software for thermostats, Opower is taking its industry-leading results to the next level, providing unparalleled service to utilities seeking higher customer engagement, cost-effective energy efficiency, and improved customer experience and satisfaction.
Opower is a leader in customer engagement and energy management software, providing the utility industry’s only cross-channel customer engagement platform proven to drive energy efficiency gains on a large scale. Using cutting-edge behavioral science and patent-pending data analytics, the Opower platform enables utilities to provide targeted energy data and advice to individual customers. More than 60 utilities—including 8 of the 10 largest in the US—partner with Opower to improve the effectiveness of their energy-efficiency portfolios and motivate their customers to become more energy efficient, and increase the level of customer engagement and overall customer satisfaction. For utilities with Advanced Metering Infrastructure (AMI), the Opower platform represents a cost-effective way to convert hourly data into measurable energy savings, delivering a clear return on investment directly to the customers. Founded in 2007 and privately held, Opower is headquartered in Arlington, Virginia, and has regional offices in San Francisco, California, and London, England. For more information, please visit www.opower.com.