Shields Up: Introducing Griddy Guard
Here at Griddy, we have always had one goal in mind: to put our members first. We are a company created by consumers, for the consumer, and want to provide a product that is transparent and fair. This means giving our members access to the real-time, wholesale electricity market, without any markups, for only $9.99 a month (this is the only profit we make). We fully believe that this is the best way to buy power and that this model provides the most long-term value for our members.
With that being said, we know that August was horrible. It not only set electricity records in Texas but across the US. The worst days of August were 7 times more expensive than any daily price we’ve seen in the past 5 years. While we still believe that wholesale without markup is the best long-term value, we also have to consider the short-term difficulty of dealing with extended price spikes. We are left asking ourselves, “What are we going to do for our members to protect you from extended peak pricing?”
To help protect our members, we are proud to announce the launch of Griddy Guard! Griddy Guard is a set of four principles that we believe in and are constantly working towards. They are pillars put in place to help you stay informed, stay prepared and ultimately save money on electricity.
This one is all about education. We believe that knowledge is power, and in this case, power means saving you money. 96.1% of the time the cost of electricity is lower than 5.8¢/kWh – which is great! However, 0.5% of the time, prices can spike above 30¢/kWh and 0.1% of the time prices can spike above $1/kWh. To put that into perspective, .1% of a year is only 9 hours.
Our goal is to educate our members on what to do during those 9 hours of a year. We will work to incorporate education everywhere – in our marketing, on our website, and, most importantly, in the app as part of an onboarding experience. We are also developing a learning center starting with this blogspot. We’ll have links to content here to start, but eventually, this will grow to become far more incorporated into the onboarding experience for new members.
Participate and Save
This one is all about what you do with your new knowledge! We know that over a 12-month period, the average Griddy member is able to save around 15-20%. However, we also know that the active Griddy member who is taking advantage of our tools and acting accordingly to reduce their usage during price spikes are saving upwards of 40% per year.
Our tools help members know what’s going on in the market – our price dial, price alerts, and projected prices – provide critical insights into what’s happening. With these tools, our members can plan ahead, reduce consumption appropriately, and save! We are constantly innovating in order to add new ways to monitor the market and to get that information to you, whether that's through email, push notifications, blog posts or social media.
We believe that the easiest and best form of action in the wholesale market is one that is automated. We will constantly be providing new tools and ways to make the automation of smart devices (most importantly smart thermostats) more powerful and more easily accessible. We are currently working on improving both the quality and adoption rates for our suite of automated tools, with the natural next step of bringing them into our app. You can look forward to us embedding smart home device automation into the Griddy app itself, and for us to expand on the kinds of devices that are automated and the sophistication of the underlying algorithms and controls.
We are looking to offer certain products that provide our members' protection from extended price spikes like the ones that happened in August. The intent is to innovate with our members in mind. We sent out a survey asking for our members' opinions on what kind of protection would work for them. Once the results are in and our energy experts figure out the nitty gritty, we will develop whichever option will be the most effective.
So there you have it! That’s our Griddy Guard. These four pillars will serve as our backbone as we continue to innovate across all of these dimensions for years to come.