The new Cosy Nordics product will be launched at CHARGE Energy Branding in Reykjavik, Iceland today following successful pilot projects. These saw consumers saving an average of 30% by not heating their homes unnecessarily and an additional 10% saving when taking advantage of ‘Nordpool electricity spot pricing’ tariffs.
After successfully introducing the Cosy smart thermostat to the UK market in 2014, geo turned its attention to the Nordic countries where a combination of multiple zones, multiple heat sources, low winter temperatures, a high dependency on electricity, the Nordpool open market and a lack of in-home heating controls has led to excessive and growing energy bills for consumers.
The trial projects, which took place in Finland and Norway linked the Cosy thermostat to the customer’s tariff model from the utility and to the Nordpool spot market pricing data. Importing this data allowed the unique geo Cosy predictive heat algorithm to benefit consumers on the trial by optimising heating in their homes and managing temperatures at the best possible price. Savings of between 30 and 40% in energy costs were calculated during the project, and consumers were also able to maintain comfort and control.
“Nordic energy companies have estimated that energy costs, which in the region are primarily for electricity, will escalate by around 50% over the next three years,” commented Simon Anderson, geo’s Chief Strategy Officer. “Consumers are already spending considerable amounts because of their energy usage habits and the depth of cold in the long winter months. However, we have successfully demonstrated through the project that they can offset these price rises by using the Cosy smart thermostat.”
The new Cosy Nordics product has a useful in-home energy display which alerts consumers to their usage and tariff period, and a mobile phone app, so they can make energy usage choices remotely if they need to. It also has added frost protection to ensure the home is kept to an optimum temperature during very cold winter nights, perfect for use in remote cabins or when absent from the home.
Consumers in the Nordic countries typically switch the heating on to constant from September until early May to ensure their homes are always very warm. They also use a variety of heat sources. However, in common with electricity grids in many other countries the Nordics are experiencing more extreme peaks and troughs in demand which are having a negative effect on infrastructure. There is also rapid growth in the number of electric vehicles coming onto the Nordic markets, which is adding to the strain on the grid. Despite increasing use of solar power in Sweden and wind power in Denmark, the region will need to make changes in energy usage if its infrastructure is to withstand demand.
“The Cosy product is designed with the bigger picture in mind,” continued Simon Anderson. “It helps to regulate energy usage in order to reduce demand at peak times. In the long run, and coupled with other smart energy solutions, this will alleviate the need for heavy investment in core infrastructure for utilities.”
Cosy Nordics is part of geo’s objective to bring residential energy management ‘together under one roof’, a concept that will enable energy services to be consolidated from both an energy retailer, grid supplier and consumer perspective.