D.C.-based Arcadia Power is launching a platform that will monitor and broker the best price to lower energy bills in certain markets that let consumers shop around.
“This is a huge opportunity,” Arcadia Power CEO Kiran Bhatraju told Technical.ly. “For over 100 years, people have paid their power bills and haven’t really thought about it, and here is a way to empower the consumer to think about and manage their home energy consumption.”
The company has said it’s not only an opportunity to save money, but also to sign onto using renewable energy like wind and solar.
Thirteen states and Washington, D.C. currently have deregulated residential electricity markets, allowing consumers to compete by shopping around for lower prices. Arcadia Power’s platform offers “Price Alerts” for renters and owners, which are being added in D.C., Ohio, Illinois, New York and Maryland, with more of those deregulated states in the works.
Users connect their accounts to the startup’s platform, which then monitors the market for potential savings. Arcadia Power then sends email notifications about a cheaper price, and utility payments.
“The average consumer spends anywhere from $1,000 to $1,500 a year [on electrical energy consumption],” Bhatraju said. “We have seen our own members sign for energy plans marked up at two or three times the going rate for power, even though clean energy has brought prices down. Price Alerts acts as a user’s energy advocate, always finding them the best price for clean energy. We have already saved some members nearly $1,000 a year in energy costs.”
The platform is another measure of this year’s growth for the four-year-old company. Arcadia Power raised $6 million in Series A funding this year. The company has moved offices to McPherson Square and plans on doubling the size of its staff by this point next year. It’s currently hiring for roles from engineering to marketing.
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