Tendril Raises $25M for Utility-Home Energy Software
Summary
Spending money on such seemingly low-tech solutions to energy efficiency is in line with a general trend in the utility industry toward cheaper ways to connect customers to the smart grid. Arlington, Va.-based startup Opower has had great success signing up utilities for its home energy behavior-nudging report systems, which come in the U.S. mail as well as via emails, texts and web dashboards. Both companies claim that a big part of their success comes from advanced analytics capabilities, combined with behavioral science that helps maximize customer participation. The problem is, real-time energy monitoring and management requires either a smart meter or a home broadband connection with in-home sensors and control systems, and sometimes both. But consumers have shown they’re unwilling to pay much more than $50 for home energy management, if they’re willing to spend anything at all for reducing such a small part of overall household expenses.