What is EcoFactor, and how does it work?
EcoFactor builds cloud-based analytics software that powers multiple residential energy saving services. We process massive amounts of data, including physical household characteristics and consumer behavioral interactions. Our services apply analytics and patented predictive algorithms to decrease energy costs, improve energy efficiency and deliver superior demand response results. With an interactive smart thermostat and an internet connection, EcoFactor services provide residential customers with significant cost savings automatically, without the need to manually adjust temperature levels.
What is unique about the service EcoFactor provides, and how does it differ from other products and services?
EcoFactor focuses on saving consumers money without the need to monitor temperature settings. We employ a balanced consumer engagement model, one that enables homeowners to control their comfort levels while leveraging EcoFactor’s predictive analytics to automatically make adjustments without the need for consumer interaction. Our integrated demand-side management platform delivers superior energy efficiency services and improves demand response event results. The EcoFactor Insite console provides channel partners with a full suite of management controls plus detailed consumer support information to insure homeowners receive the industry’s best care.
What are the benefits to consumers?
With EcoFactor, homeowners receive an automated way to reduce energy consumption, save money and stay comfortable. EcoFactor is field-proven, saving homeowners up to 36% on their heating and cooling costs.
How does EcoFactor deliver its service?
EcoFactor markets its services through channel partners such as utilities, energy retailers, broadband service providers and HVAC companies. With EcoFactor, utilities are able to quickly launch branded energy efficiency programs; validating significant consumer savings, while the same platform delivers demand response functionality with exceptional customer satisfaction. Broadband service providers grow their revenues per subscriber with new energy efficiency services, increase share of wallet and decrease customer turnover.
What is the value of home automation? How will home automation continue to grow, change, and be adopted?
The true value of home automation is in convenience, efficiency and savings. With automation, technology does the work so that we can move on to more important things. The technologies that will be adopted in home energy management will be those that have a significant return on investment and provide a valuable service, with minimal effort from the homeowner. Installation will take just a few minutes and be controllable via any mobile device — no matter where you are — and available to all family members. Homeowners will also look for those solutions that easily connect with broader control systems such as home security, energy management and other residential appliances.
I work from home and have a very erratic schedule: I may be home one day and out for 2 hours in the morning and 1 hour in the afternoon the next day. Will I still benefit from EcoFactor?
Absolutely! We’re all about control when you want it; savings when you don’t. You can easily customize EcoFactor on the fly by making manual adjustments through the web portal or anytime, anywhere from our mobile app. The EcoFactor system is continually learning and making incremental adjustments to the temperature in your home 24/7/365 to save you money on your energy costs while keeping you comfortable.
Will it work with my existing thermostat?
The EcoFactor service works with any two-way communicating thermostat. We are hardware agnostic, interoperating with thermostats that meet the HA1.2 ZigBee specification, or support WiFi or Zwave wireless protocols communicating a standard set of variables.
What happens if I lose my internet connection for a few days because of a storm?
EcoFactor communicates with a thermostat through an internet connection. However, in the case of a disruption to the connection, your thermostat would continue to regulate the temperature of your home as previously programmed. When the internet connection is re-established, the service would go back online with no disruption.
Does EcoFactor monitor local weather forecasts to help determine heating/cooling needs?
Yes. The EcoFactor service collects several points of data from inside the home and from external sources, including local weather information, to provide a customized energy management strategy for each individual home.
Can EcoFactor integrate with home automation systems that have passive heating/cooling controls?
Our current focus is on forced air heating and cooling systems.
Is EcoFactor just for residential users?
EcoFactor is currently focused on the residential market, but could have applications for small business and multi-family residential complexes.
EcoFactor delivers predictive cloud-based home energy management services that improve energy efficiency, reduce energy bills and vastly increase DR efficacy – all while maintaining consumer comfort. EcoFactor’s patented big-data analytics and algorithms continually monitor, adapt and optimize each home’s temperature settings incorporating massive amounts of data – including the home’s thermodynamics, family comfort preferences and schedules, plus external data such as weather. The company provides homeowners significant cost savings automatically, without the need to manually adjust temperature levels or change behavior.
About Ted Fagenson, CMO
Ted is EcoFactor’s chief marketing officer, responsible for marketing strategy and communications, channel marketing, and product management. He was previously COO at CarCharging, an electric vehicle charging service, and VP of Sales at ChargePoint, which serves the SaaS infrastructure marketplace. Prior to joining ChargePoint, Ted was VP of Corporate Marketing and Sales for Cellfire, a mobile promotions service. During his tenure with 2Wire, a residential DSL supplier to telecommunications service providers, Ted led the corporate marketing and business development organizations. He also expanded 2Wire’s cloud-based remote management services business and grew its P&L; and attained high-growth sales in international markets. Ted has also worked for AT&T and Polycom, and founded the social mentorship firm, Huddlesphere. He holds an MBA from the University of Rochester Simon School and has a BSEE degree from Rutgers University.