Innovators Helping Save Electricity Dollars

SydStart is a professional startup conference held in Sydney, at which specially selected startups are given the opportunity to pitch their business and product ideas. The pitches are judged on their merits in areas that include target market, innovation, traction, defensibility and team.

Among the top five winners from SydStart 2013 was Wattcost, a product that will help households save money on their electricity bills.

Wattcost has been created by David Soutar, a veteran in the Sydney electronics industry, and the product offers a twofold electricity saving solution. The first application is the use of smart phone alerts to tell you how to save. The second is the ability to compare costs, deals and efficiency.

How Wattcost Reduces Electricity Bills

Smartphone alerts are sent to advise you on how to save. The alerts are personalised electricity saving opportunities, such as a tip for running a household appliance off-peak, when off-peak is, and the cost saving. Alerts can also be sent to advise that major appliances have been left on. These alerts are designed to be sent as you leave the house.

Wattcost also makes it easy for users to find better electricity deals and compare costs and pricing structures. Possibly the most useful tool for local communities is the spirit of competition engendered in being able to compete amongst groups of friends and other users to be the most energy efficient household.

Wattcost at What Cost?

As an innovative business startup targeted at reducing household electricity bills, it is only fair that we consider the cost of using Wattcost.

  • The first requirement for users is a smartphone. The application is promoted as being compatible with both WiFi enabled Apple iOS and Android phones. The Wattcost app is a free download.
  • To take advantage of the phone alerts you need a Wattcost ‘stick on’ meter sensor, that can be installed with WiFi setup. The setup is apparently easy enough for anyone to do and does not need an electrician.
  • Because Wattcost connects via WiFi, users must have home internet WiFi access. The meter comes with an external gain antenna for better connection between the meter and your home WiFi.
  • The Wattcost uses AA batteries, which are expected to last up to one year on modern meters and six months on older meters (the ones with spinning discs). As you would hope from an innovation that can send alerts about energy use, an alert will be sent when the batteries are low and need to be replaced.
  • The Wattcost system will retail for $129.95.
  • The cost to set up with Wattcost are therefore minimal for people who already have a smartphone and home WiFi. For these consumers, and if Wattcost delivers on its objectives, household electricity savings could easily cover the cost of purchase.

Security

For some consumers the question of security will be raised, particularly with regard to having a meter sensor and smartphone alerts – especially alerts as you leave home – and comparing and competing on efficiency.

How is data protected?

The Wattcost website tells us that data is protected using the same cryptography security protocols as banks. This will be especially important to consumers when they realise their data is stored online even after they change electricity suppliers.

It is easy to see why Wattcost placed third at SydStart. This is an innovation designed to solve a growing problem for households right across the country. An application helping homeowners reduce electricity bills in a climate where electricity prices are continually rising is welcomed.

The approach is measured, with the first production run of 1000 units including an early adopter program, which allows participation in beta trials of an appliance detection system and a free premium subscription upgrade.

Wattcost is an innovator seeking to drive household electricity bills down. In a market of rising prices it is likely a business startup like Wattcost will generate some excitement.