Smart homes are becoming increasingly popular, and with that comes the need for efficient energy management. Google’s Nest Renew service has recently joined forces with the OhmConnect energy management platform to create a new company called Renew Home. This collaboration, backed by venture capitalist firm Sidewalk Infrastructure Partners (SIP) and with a $100 million investment, aims to revolutionize the way smart homes leverage connected devices for energy efficiency. In this article, we will explore how Renew Home plans to shape the future of smart home energy management.
Nest Renew and OhmConnect are two existing services that assist smart home users in harnessing the benefits of cheaper and cleaner power. Nest Renew, launched in 2021, allows Google Nest Thermostat users to optimize their HVAC systems’ energy consumption to save money. On the other hand, OhmConnect offers monetary incentives to users who reduce their energy consumption during peak times. It currently serves over 220,000 homeowners in California, Texas, and New York City by utilizing Ohm smart plugs and smart thermostats. OhmConnect works with electricity utilities in California and New York, while in Texas, it functions as an electricity provider.
Renew Home aims to combine the strengths of OhmConnect’s energy management platform with Google Nest’s expertise in providing energy products and services. This collaboration aims to transition smart homes and devices into functioning as virtual power plants. The vision of Renew Home is to enable the growth of the virtual power plant (VPP) industry, which is crucial for a carbon-free future. By leveraging software coordination, virtual power plants use groups of smart homes to supply energy to the grid through various means such as vehicle-to-grid charging, home solar systems, and home batteries. Additionally, they can reduce overall grid demand by dynamically adjusting smart thermostats and controlling connected appliances.
Sidewalk Infrastructure Partners (SIP), with Alphabet as one of its principal investors, has invested $100 million in Renew Home. This substantial investment demonstrates SIP’s belief in the potential of smart home energy management. By combining OhmConnect’s platform and Google Nest’s industry leadership, Renew Home aims to accelerate the adoption of virtual power plants and create a more dynamic energy grid.
Current Nest Renew customers need not worry about disruptions during the transition. Google spokesperson Patrick Seybold assures customers that Renew Home will power the Nest Renew service going forward. Expectations are for a seamless experience, with potential improvements and additional offerings in the future. This commitment to customer satisfaction highlights Renew Home’s dedication to delivering a seamless and enhanced smart home energy management experience.
The merger of Google’s Nest Renew service with the OhmConnect energy management platform marks the beginning of a new era in smart home energy management. Renew Home aims to lead the industry in transitioning smart homes and devices into virtual power plants, revolutionizing the energy grid. With a $100 million investment from SIP and ongoing support from Google, Renew Home is poised to create a greener and more sustainable future. Smart home users can look forward to improved energy efficiency, cost savings, and reduced environmental impact through Renew Home’s innovative solutions.
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