Open Energy, or Consumer Data Rights (CDR) for energy, allows you to access and share your energy data with new providers for lower electricity bills.
Companies like Solar Analytics analyse your consumption patterns and provide personalized energy plan recommendations.
Open Energy is managed by the ACCC, ensuring data security and privacy. Sharing data is a simple online process, and eligibility is expanding to cover most energy retailers. To benefit from Solar Analytics, you may need a compatible inverter, but anyone can use their free Solar Maximiser tool.
For more info, visit the Consumer Data Right website at https://www.cdr.gov.au/your-rights.
What is Open Energy, and why could it give me lower electricity bills?
Open Energy, also known as Consumer Data Rights (CDR) for Energy, allows you to access and share your energy data. This data is collected by your electricity smart meter with new energy service providers. It gives you more choice, control, and convenience in managing your energy usage. It also helps in finding the best retail price deals, which due to competition could lead to lower energy bills.
Give me a simple explanation, please
Every time someone looks at energy plans from different providers to find a better deal, it is next to impossible to determine the best option. Other than the headline price per kWh, many other factors determine the final bill. They include daily supply charges, the time of the day one uses the electricity, if you have a solar system, and the price per kWh paid for the exported solar power. It’s like one of those complicated phone plans that no one understands.
We are not human calculators, so all this extra information to be added to the calculation usually makes choosing the best energy plan very confusing.
This is where Open Energy going forward can help. Now your potential new energy provider can calculate your future likely bill based on your past energy consumption. It’s being recorded by your smart meter. With your permission and a high level of privacy protection, your data can be shared to give you a more accurate opportunity to compare electricity supply price plans.
How can Open Energy help me reduce my energy bills?
By sharing your energy data with companies like Solar Analytics, they can analyse your electricity user pattern to make personalised energy plan recommendations. This allows you then to find the best local electricity deal, based on your past electricity use. The Solar Analytics algorithms can also calculate your cost savings from smart energy solutions like rooftop solar systems, batteries, and heat pumps.
Give me all key benefits in order of importance
1. Increased transparency and choice
By understanding their energy usage, consumers can choose the right energy provider and plan their energy consumption more efficiently.
2. Reduced energy costs
The data can help consumers identify ways to reduce their energy consumption. This can lead to lower energy bills and a more sustainable lifestyle.
3. Improved grid reliability
Open energy data can be used to improve the efficiency of the energy grid. This can help to reduce outages and improve the reliability of energy supply.
4. Accelerated innovation
This new data can be used to develop new products and services that help consumers manage their energy use. It can lead to new opportunities for businesses and create jobs in the clean energy sector.
5. Enhanced competition
Open Energy data can help to level the playing field for energy providers. It can lead to lower prices and better services for consumers.
6. Promote renewable energy
The new information can help consumers choose renewable energy providers and track their own renewable energy generation.
7. Increase energy efficiency
The data if prepared in an easy-to-understand way can help consumers identify ways to reduce their energy consumption. The reason is that they can work out the peaks of their electricity use and change behaviour. This could include turning off lights when they leave a room or installing energy-efficient appliances.
8. Has the potential to protect consumers from fraud
Open Energy data can be used to detect and prevent energy fraud, such as unauthorised meter tampering.
Is my energy data secure under Open Energy?
Open Energy is managed by the Australian Competition and Consumer Commission (ACCC), ensuring strict data handling and security measures. Companies like Solar Analytics undergo a rigorous accreditation process to protect your data and comply with privacy laws.
They must be transparent about how your energy use data will be used, who will have access to it, and how long they can access it. You can manage and withdraw your consent at any time.
How can I share my energy data with Solar Analytics or other providers?
Sharing your energy data is a simple online process that usually takes less than a minute. You can share specific data with accredited providers like Solar Analytics, giving them access to the information they need to offer you tailored energy-saving services.
Who is eligible for Open Energy?
As of late 2023, Open Energy is available to residents in the National Electricity Market (NEM), including Queensland, New South Wales, Australian Capital Territory, Victoria, Tasmania, and South Australia.
Initially, Open Energy is limited to customers of the big three energy retailers: AGL, Origin, and Energy Australia. However, by December 2023, almost all energy retailers will be required to join Open Energy, making it accessible to almost everyone.
What do I need to benefit from Solar Analytics services fully?
To maximise the benefits of Solar Analytics services, you need to have a wi-fi enabled Fronius, Sungrow, Goodwe, GE, or LG inverter, which allows them to monitor your solar system energy generation. However, anyone can use their free Solar Maximiser tool to determine which innovative energy solution, such as rooftop solar, solar battery, or smart hot water heat pump, will save them the most.
For more information, visit the Consumer Data Right website at https://www.cdr.gov.au/your-rights.
Finally, is Open Energy like models being developed in other countries?
- In the United States, the Energy Efficiency Data and Transparency (EEDT) Act of 2019 requires utilities to make their energy usage data available to consumers. This data can be used by consumers to track their energy usage, identify areas where they can save energy, and compare different energy providers.
- In the United Kingdom, the Energy Data Sharing Voluntary Code of Practice sets out the principles for sharing energy data between consumers and energy suppliers. This code is designed to help consumers make informed decisions about their energy use and to improve the efficiency of the energy market.