Earth Day | Dan Yates | Talks at Google

TL;DR

Opower is a company that uses behavioral science to motivate consumers to reduce their energy consumption and save money, with the potential to shut down coal-fired power plants and have a significant impact on the environment.

Transcript

Rick Needham: Thanks everyone for coming in today. It's a gorgeous day outside, so I know it's a tough draw to pull you indoors. Hopefully everyone's had a chance to go look around outside about all the Earth Day activities that are going on out there. You've got vendor booths, partner booths, some informational booths. We even have out own inter... Read More

Key Insights

• 🥺 Incremental improvements and behavior change can lead to significant energy savings.
• ❓ Normative comparisons are a powerful motivator for consumers to reduce their energy consumption.
• 🐕‍🦺 Opower's software and services have the potential to revolutionize the energy efficiency industry by reducing energy waste and carbon emissions.
• 💗 There is a growing interest in energy efficiency among utility companies and regulatory bodies, creating a favorable market for Opower's services.

Questions & Answers

Q: How does Opower motivate consumers to reduce their energy consumption?

Opower sends home energy reports to consumers that compare their energy usage to that of similar households in their area. This normative comparison motivates consumers to reduce their usage to keep up with their neighbors.

Q: How does Opower make money?

Opower sells its software and services to utility companies, which use it to engage their customers and meet their energy efficiency goals. The company also offers additional services and features to its utility partners, such as real-time usage information and personalized recommendations.

Q: What is the potential impact of Opower's energy efficiency programs?

Opower has the potential to significantly reduce energy consumption and carbon emissions. By expanding its programs globally, the company could potentially save as much energy as coal-fired power plants produce and have a major impact on the environment.

Q: How does Opower plan to expand its services?

Opower is expanding internationally and looking to partner with more utility companies. The company is also exploring opportunities in the commercial building sector and exploring partnerships with other organizations, such as weather websites and retail platforms.

Summary & Key Takeaways

• Opower has developed a home energy management software that helps consumers reduce their energy consumption by comparing their usage to that of their neighbors. This results in an average energy reduction of 1.5-3.5%.

• The company has successfully saved 900 gigawatt hours of energy, resulting in $100 million in savings for consumers and 650,000 tons of CO2 emissions reduction.

• Opower's approach is focused on incremental improvements and behavior change, rather than revolutionizing the industry. This approach has proven to be effective in driving energy efficiency.