Bidgely’s AI-powered EV solution can help you transform your AMI investment into EV-driven revenue. To learn more about How to Use Data to Drive Your EV Investment Plans, or hear more from FPL’s Matt Valle and Austin Energy’s Karl Popham visit bidgely.com/engage.
A 2020 Consumer Reports survey found that more than 70 percent of U.S. drivers would consider buying an EV. It is precisely that consumer enthusiasm, together with government incentives and the ICE-to-EV transformation underway among car manufacturers that has led experts to forecast more than $1.7 trillion in new electric utility revenue from demand additions alone. Boston Consulting Group estimates each EV adopted has the potential to generate $5 to $15K in revenue for the utility over the vehicle’s lifespan, including: an additional 4000 kWh per year; capitalizing infrastructure and NWA; and charging equipment and other product sales.
Few would argue that the industry is poised to experience a revolution in demand growth and revenue potential unlike anything seen in decades.
It’s not surprising, then, that in a June 2021 Utility Dive Pulse Report entitled What Utilities Know (And Don’t Know) About EV Drivers and How Better Customer Insights Can Maximize Utility Investments in Electric Vehicles, nine out of 10 utility executives surveyed pointed to consumer demand and revenue opportunities as the biggest drivers propelling them to increase investments in promoting EV adoption, including advertising, charging infrastructure, grid edge capability development and more.
But what about the investments utilities have already made?
In its AMI global forecast 2020-2025, Wood Mackenzie Power & Renewables Energy Research predicts that 1.3 billion smart meters will be installed globally by 2025, making the cumulative investment in advanced metering infrastructure (AMI) $127.6 billion. Those smart meters are producing massive amounts of granular data about customer energy use — including the habits of EV owners.
The problem is that too many utilities are not yet taking advantage of the wealth of data they have at their fingertips. Perhaps no area of operations reveals the risk of failing to transform AMI data into actionable insights more strikingly than transportation electrification.
AMI Data Creates an EV Initiative Roadmap for Every Operational Area
The value of Bidgely’s patented disaggregation algorithms in enabling utilities to develop customer-specific appliance-level insights from smart meter data is well known.
But what you may not know is that our AI-powered analytics extend to electric vehicles as well — identifying not only which homes have an electric vehicle, but also when vehicles are plugged in and what charging equipment is being used.
These customer insights can then be used to inform EV-related programs utility-wide, dramatically improving their likelihood of success.
It all starts with better customer engagement. Unlike expensive motor vehicle agency data that is often incomplete and out-of-date or cumbersome car buyer self-reporting, Bidgely’s EV detection technology pinpoints with high accuracy which customers have an EV at their residence from the moment they bring a vehicle home. Smart meter data reveals what time they charge, how often, for how long, and with what equipment. With this actionable intelligence, utilities are able to proactively invite EV owners to join EV programs, and provide ongoing, personalized feedback about charging behaviors to encourage relevant program participation and optimal energy use habits.
Deeper relationships with EV owners in turn improve the success rates of behavioral load shifting and managed charging programs. Customers are more receptive from utilities they regard as a trusted EV advisor and to taking mutually beneficial actions to manage their charging behaviors. For example with peak-time EV charging detection, utilities can personalize reminders to charge during off-peak hours or invitations to sign up for managed charging (if available). EV advisory customer relationships can also foster demand for product sales that have the potential to generate significant new and diversified utility revenue.
Reliable customer engagement and participation in EV programs coupled with real-time EV analytics, further empowers utilities to achieve more accurate load forecasting, grid analytics and rate design.
Matt Valle, Vice President of FPL Development at NextEra Energy sums up the challenge and the data-driven opportunity. “In Florida, we have big air conditioners, because it’s hot and humid. So a typical home has a peak load of between five and seven kilowatts. Now, let’s say a customer goes and buys an electric vehicle. And they decide that they want to have a level two charger, and they get it installed themselves, as a number of our customers have done. Now you have an additional seven kilowatts that are being demanded at that home at the same time. In other words, in some cases, you have more than doubled the household electrical demand during peak hours. That may be okay for utilities when the numbers are small, but as the numbers start to grow that will mean doubling the amount of energy being pushed into neighborhoods, and through the little green boxes in residential customers’ front yards. Eventually that becomes a problem. That’s why, like many other utilities, we’re trying to figure out where those customers exist today so that we can plan accordingly. We need to determine ways to effectively convert that customer or deliver some incentive to move their charging to off-peak hours.”
The Trillion Dollar Question
Realizing the promise of the EV revolution, therefore, comes down to one simple question: How well do you know your EV customers?
When leveraged to its full advantage, your AMI infrastructure can provide the answer, revealing who these critical customers are and how they use energy to power their vehicles.
“Spice on a rib is adding a lot of value to something you’ve already invested in for a very low cost. That’s how we think of EVs,” he explains.
Bidgely’s AI-powered EV solution can help you transform your AMI investment into EV-driven revenue. To learn more about How to Use Data to Drive Your EV Investment Plans, or hear more from FPL’s Matt Valle and Austin Energy’s Karl Popham visit bidgely.com/engage.
