At a high level, the two pillars of decarbonization are optimized energy usage and widespread clean energy adoption. However, the inconsistent nature of clean energy sources and the current limitations of energy storage technologies make energy optimization difficult to achieve at scale.
Fortunately, smart grids have emerged to alleviate some of these decarbonization challenges. Smart grids are systems that rely on data from smart meters and analytics to improve decision-making and efficiently deliver electricity. This technology provides power and grid companies a whole host of benefits, including reduced energy waste and significant cost savings. In fact, 60% of end users in the U.S. have smart meters, a number that is projected to increase to 81% by 2024.