|By PR Newswire||
|February 24, 2014 10:05 PM EST||
SAN FRANCISCO, Feb. 24, 2014 /PRNewswire/ -- 500 Startups company, Ohmconnect, has announced the launch of the world's first application that empowers consumers to sell electricity back to the grid and reduce their carbon footprint, without the need for solar panels or additional hardware.
Unlike other energy management tools, Ohmconnect.com is entirely software based. The only piece of information a consumer needs to provide is their utility login. The application mashes together multiple data streams, including home smart meters, CAISO (California's open energy market) pricing data, and wi-fi enabled home appliances and devices. By signaling when energy generation costs have increased and subsequently reducing a home's energy consumption during these periods, Ohmconnect has devised a method to sell these reductions directly into the state's energy market.
"It's time that residential energy customers profit from the energy markets, instead of financial trading firms located halfway across the world," states CEO, Matt Duesterberg.
Users can also view how their home is consuming energy, see which power plants are supplying the majority of their energy, compare their consumption to neighbors, and track their energy and environmental footprint over time.
Ohmconnect is a 500 Startups backed company based out of San Francisco. Founded in mid-2013, Ohmconnect set off with a mission to democratize energy markets and to engage users with their energy usage. For more information, visit www.ohmconnect.com.