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Ecobee introduces Peak Relief to help you avoid high energy ratesThe smart-thermostat maker's new feature turns your house into "a thermal battery."
The smart thermostat maker, ecobee, just announced a novel new way to help you save money on your heating and cooling bills. It's called peak relief. A new pilot program for ecobee thermostat users that tweaks the temperature in your home depending on energy rates. Say, okay, when rates are low, we'll cool your house a little bit more Because rates are low. And then we'll coast up and we'll provide equivalent comfort when rates are high so that your air conditioner isn't running when rates are high. The concept is like the Tesla power wall, a battery that stores the energy from your solar panels so you can use it later at night. But with a power wall costing thousands of dollars Eco Bee argues that peak relief is a much cheaper option. Now your home is a battery already. It's a thermal battery, right? It's not a great battery, but it's free because you already own it, right? Peak Relief works by feeding energy rates, and indoor, outdoor temperature data into an artificial intelligence engine to come up with a model customiozed for yoru home. I think that's also where we can take A lot of that work load off consumers by doing it automatically for them. The pilot is starting in California, Arizona and Ontario, Canada, and it's expected to launch to more customers early next year. I'm excited about it. I think it's got a tremendous opportunity in our models that will save customers a better incremental 10% on their electricity bill. And so, when you think about our thermostats, saving consumers up to 23% or we estimate up to 23%. If you add another 10% on that, like all those percentages added up becomes a meaningful number. [BLANK_AUDIO]