Smart Grids to Save City Dwellers $14bn in
Energy Costs by 2022
Seoul Leads Global Smart Cities Energy Ranking
New data from Juniper
Research has found that the development of smart grids linked to smart
cities will result in citizens saving $14 billion per annum in energy
bills by 2022. This is up from the $3.4 billion saving estimated for
2017, resulting from smart meter rollouts, energy-saving policies and
sensing technology to improve grid reliability and efficiency.
As part of the new study, Smart Cities: Strategies & Forecasts in Energy, Transport & Lighting 2017-2022, Juniper analyzed and ranked global cities to assess their performance and approach towards energy consumption and delivery:
- Seoul
- San Francisco
- New York
- Portland, OR
- Barcelona
"Seoul’s large-scale deployment of electric vehicle charging
infrastructure, smart street lighting and smart meter rollouts will
undoubtedly accelerate the development of smart grid infrastructure to
manage these elements," remarked research author Steffen Sorrell.
Renewables & Blockchain Transform the Grid
Juniper found that the high cost of carbon capture and storage
technology was making fossil fuel investment uneconomical. With the
projected cost of renewable energy sources such as wind and solar
falling close to $60 per MWh (Megawatt hour) in 2022, it predicted the
inevitable investment would force accelerated deployment of smart grid
solutions to reliably scale renewable energy.
Furthermore, the research argued that the business case for distributed
renewable generation would be strengthened by the application of
blockchain. Here, dramatic efficiencies along the value chain could be
achieved, by simplifying a certification system currently susceptible to
accounting errors and increased costs.
Policy Required
Juniper found that with smart city budgets now being discussed and
allocated worldwide, policy had become more important than the
technology. For instance, it argued that MaaS (Mobility as a Service)
could drastically reduce city congestion by virtue of nearly eliminating
the need for private transport.
Nevertheless, it claimed that MaaS would never come to fruition without
strict city policy enforcement. For that reason, it predicted that
cities in Far East Asia would become ‘true’ smart cities earlier than
their Western counterparts.
Source: Juniper Research media announcement