We are working to bring real time electricity pricing to consumers, in order to reduce energy bills, and increase the penetration of solar and wind into the grid, making renewable energy the easy choice for everyone.
All Australians are eager to save on their energy bill, but some feel the pressure to do so more than others.
Homeowners who have installed a PV system have already spent a lot of money on a solution, and are likely willing to spend a bit more to make it work more efficiently.
People on a fixed income are very price sensitive and find it difficult to adapt to increasing prices. Our service makes that price sensitivity an asset, that can significantly reduces energy bills.
Finally, the early adopters of electric vehicles and home batteries have the potential to arbitrage energy prices, and offer other grid services.
We would reach customers initially by highly targeted online and physical advertising. Potential customers would be directed to a landing page, where the product benefits are presented, and customers can sign up to the service. A technician would then install the metering and control devices, putting customers in control of their energy bill. As our capacity to deliver product expands, the marketing strategy would shift to broader market segments, using more traditional forms of advertising.
There would be significant amount of post-sale communication with customers: bills; performance reports detailing the realized savings over competing services; and real-time power, cost and carbon emission information, delivered through our phone app or website.
As young graduates, we do not have the long-term experience in energy markets and financial markets that will be critical for this endeavor to succeed. Similarly, we are missing experience in product development and marketing, that we will need to take this concept from prototype to household name.
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To launch our venture, the main startup cost would be product development and validation for our MVP, which we estimate at $50,000. Once established, the main ongoing costs would include the purchase of energy from the wholesale market, customer acquisition, metering, data management, and marketing. This is approximately $1000 (split $800, $50, $50, $50, $50) per customer each year. As we are selling energy at the market price, we are insulated from its volatility, but we would need sufficient capital to maintain a positive cash flow rate, given that our customers pay their bills some time after they use our service.
We seek to use $10,000 from the IACT grant pool to fund the construction and deployment of several prototypes, to demonstrate the concept and quantify the value we can provide to customers, before seeking further funding from investors.
We would be interesting in partnering with existing energy monitoring businesses, and people who have previously worked in the energy market space, for their experience, in turn giving them a chance to partner as we grow and explore new opportunities.
We deliver savings to customers on their energy bill, by exposing customers to a real time energy price, and giving them options to take advantage of that; using energy when it is cheap, and avoiding it when it is expensive.