According to analysts at Citi, a global investment bank, the era of paying for energy could soon be a thing of the past. Cheaper storage options and advanced data analytics are poised to make solar and wind energy potentially available to consumers for free in certain regions.
The concept of free energy, reminiscent of the 1960s optimism around nuclear fusion, is being revitalized by the rapid advancements in Big Data and analytics. These technologies are revolutionizing energy production, making it more efficient and affordable.
The key lies in leveraging data to understand energy consumption patterns and building platforms akin to eBay or Alibaba, where energy providers can compete to supply energy at reduced prices. This approach would enable better storage and distribution of energy from renewable sources like solar panels and wind turbines, overcoming previous hurdles.
While achieving truly free energy remains aspirational, the disruption caused by renewable energy is evident. Start-ups like Bulb are challenging traditional energy suppliers by offering renewable energy at competitive prices, disrupting the market dominance of established players.
Jonathan Gartside of Bulb emphasizes that the future of energy will be driven by technology, renewables, and cost-effectiveness. Likewise, major software companies such as Microsoft, Google, and Apple are also positioning themselves to capitalize on these industry shifts, with initiatives ranging from energy data analytics to energy trading licenses.
As the power sector increasingly adopts low-cost energy sources like wind and solar, coupled with improved storage and demand optimization, the vision of significantly reducing energy costs, or even attaining free energy in select areas, may become a reality, as forecasted by Citi analysts.