There are several trends that are changing how the electrical power sector operates. Utility companies are seeing how adjusted business models and modern electrical grids are impacting the way consumers are accessing energy. With so many businesses facing a load defection from customers, adjustments to companies’ approaches and an understanding of how trends impact the bottom line are more important than ever.
A growing number of Americans are using solar power in their homes. According to GreenTech Media, residential solar power rose 70 percent in the second quarter of 2015 compared to the same time the year before. Load defection cuts into the customer base of electrical power companies, forcing changes to be made. Many utilities within the electrical power sector are finding new revenue opportunities within the solar power field to make up for the lost customers, Utility Drive explained.
Those changes to business models are another trend taking place in the electrical power sector. A growing number of utility companies are investing in solar, as customer demand increases. Southern Company announced in September they are launching more than 20 new renewable energy projects across the U.S., as well as acquiring a 151-megawatt wind facility in Oklahoma. As more Americans look to cut electrical costs and become environmentally friendly, utility companies are redirecting their business models.
Customer-centric approaches make the energy experience more beneficial for all involved. Utility Drive reported that many companies are working to create “connected homes.” Utilities are merging energy technology to home appliances, all of which is is controlled via an app. The process gives customers more control over how they power their home and what energy to use, versus sending it back to the grid.