Renewable energy is proving to be one of the fastest growing sources, with a National Renewable Energy Laboratory study from 2012 showing that by 2050, the U.S. will get 80 percent of its electricity from renewable sources.
But right now, it’s not the most accessible energy source.
That’s where D.C. start up Arcadia Power hopes to come in with its new product Price Alerts.
The product launched on the company’s website Thursday and customers can link their existing local utility account on the platform to help find alternative energy sources. Once connected, the Price Alerts system will monitor alternative energy sources to see if there’s a better deal for consumers.
Right now, Arcadia Power is rolling this out in D.C., Ohio, Illinois, New York and Maryland. It works out because D.C. is one of the 10 states with a deregulated electricity and natural gas market, meaning customers can select from a pool of utilities companies.
"Anyone who pays a power bill in Washington, D.C. can sign up," said Kiran Bhatraju, CEO of Arcadia Power. "We are helping the average person that lives in D.C. who maybe doesn't want to think about their energy bill but cares about clean energy and wants to save money. They just sign up once and then we take care of everything for them."
Founded in 2013, Arcadia Power has worked with more than 100 utilities in 50 states and helped more than 55,000 users access clean energy. Arcadia Power's other products also help people invest in local energy sources, such as letting customers invest in a solar panel in D.C. or offering an energy efficient thermostat for users to purchase.
"We are hoping that this product can really scale, because there is no cost, there is no fee, there is no risk, it's really just connecting your account," added Bhatraju.
Bhatraju said Price Alerts will be available to anyone who lives in eligible deregulated energy states in 2018.
