April 28, 2021 — Elevation and SmartRent announced today a new partnership to integrate Elevation’s home energy savings technology into SmartRent’s broad slate of home automation technology for rental properties. Elevation’s proprietary algorithm, which automatically reduces energy consumption during peak electricity pricing times in SmartRent-equipped homes, aims to increase energy efficiency and lower energy costs for renters.
“Elevation’s technology combined with our ecosystem of smart home solutions delivers a seamless energy control experience to our renters,” said Lucas Haldeman, SmartRent Founder and CEO. “This innovative technology is great to help residents save on energy bills. Additionally, rental property owners and managers now have more visibility into utility usage in vacant homes, presenting the opportunity to find significant savings with better controls in place. We are thrilled about this collaboration and the opportunities it presents.”
Based on a successful pilot program, property owners using the SmartRent platform and their residents can save up to 15% on energy bills with this technology, both by using less energy and by shifting load.
“Many utilities have introduced pricing models where the cost of energy changes hourly, daily and seasonally. This cost variability can make it difficult for residents to keep track of when to run appliances or their A/C,” said Erik Norwood, Chief Technology Officer of Elevation. “Our technology helps residents automatically use less energy when prices are high and shifts that usage to when prices are low.”
When deployed at scale in partnership with local utility providers, this smart energy savings technology has the ability to offset the demand for carbon-producing peaker plants.
The companies share a commitment to Environmental, Social and Governance (ESG) principles as well, and a key element of this partnership is the environmental benefit it offers. According to a 2020 study of the National Academy of Sciences, residential energy use makes up about 20% of greenhouse gas emissions in the United States. Automated energy management maximizes energy efficiency and also uses energy smarter, reducing demand during high-consumption times and limiting the need for gas-powered peaker plants. By delivering on the environmental value proposition, SmartRent and Elevation are positioned to help enterprise customers, such as single-family residential operators, advance their own ESG goals.