The year 2020 has brought to us a lot of things; working from home, schooling remotely from home, a Reduced energy consumption and enhanced energy efficiencies lead to money savings
Building and facility systems
IoT technology can use sensors to monitor factors such as air temperature and quality, energy usage, water consumption, and many others to identify opportunities for enhanced efficiencies. It also enables homeowners, building owners, and facility managers to program and control these systems to save money. This can include automating processes to adjust building temperatures based on weather; to turn off lights in rooms that aren’t being used; and to turn off water heaters when demand for hot water is low.
Industrial inventory management
IoT technology can help businesses track inventory throughout multiple locations anywhere in the world by utilizing inventory sensors. As a result, they always know exactly how many inventory items they have and where they are, leading to greater efficiencies that save money in inventory management.
Smart homes and home automation
Smart thermostats that can be programmed to raise and lower temperature based on factors such as area occupation, time of day, and weather as well as smart electrical systems that direct power to lights, appliances, and other household electronics. The result is optimized comfort control that lowers electricity bills. Intelligent energy storage systems driven by the IoT that allow energy distribution to be managed in real time based on immediate data.
When combined with smart meters, they allow energy services and payment tariffs that can reduce a home or business’ energy costs.
Integration with renewable energy sources such as solar and wind power that allow you to create a home microgrid and generate your own electricity. You can also combine this with energy storage technology to minimize your home’s reliance on the grid for power, thus saving money on electrical bills.
The IoT will continue developing at an exponential rate for the foreseeable future. As this happens, the potential for money savings for individuals as well as enhanced revenues for businesses will increase as well.