Oxford-based data and technology business Trust Power has launched Loop, an energy-saving assistant that allows households to see and understand their live energy usage, while aiming to simplify the process of switching to a better energy tariff.
Loop allows users to track their energy usage and spend through a user-friendly app and helps them to make changes that will help lower their energy bills and reduce their impact on the environment.
Loop has launched against a backdrop of rising energy prices (the average annual dual fuel bill for households is now £1,184) and a growing movement where consumers want to better understands their energy usage to help them make smart decisions and reduce wastage. Any energy saved equates to both cost savings and a reduced carbon footprint, an ever-increasing priority for many households concerned by the climate emergency.
It’s widely known that households should switch their energy tariff, if not their supplier, every year to ensure they’re not paying more than they need to, but 49% of people admit to never having switched – with many continuing to pay a premium.
Loop users can switch their energy tariff directly through the app, which utilises actual customer data to offer accurate and personalised savings. Users will also receive follow-up reminders about when they should switch again to ensure they always remain on the best deal for their household.
The Loop energy-saving assistant can be easily installed by users and can be used with or without a smart meter.
Loop monitors energy usage in the home in real-time, allowing customers to build an awareness of the way they consume electricity. It helps users identify their ‘Phantom Load’ (the energy used by devices that are left turned on or on standby all the time) and allows them to make decisions on what does and doesn’t need to be left switched on
The app has a series of cost calculators for common household appliances that enable users to see the impact of making changes to how they use them
Trust Power founder Roy Bedlow, said: “We wanted to create something that was user-friendly and provides real-time information, so people can immediately see the impact they can make. Loop allows users to build an understanding of how they consume, and more importantly, waste energy, whether that’s by leaving things on or on standby unnecessarily, or by simply not being aware how much something costs to run. With Loop they can see in clear and simple terms how different things affect their bill and can take action to lower their usage and costs. With energy costs rising every year, we want to help consumers make sure they’re spending their money wisely and helping the environment at the same time.”
He added: “Although smart meters have made a start on helping people become more aware of the energy they’re using, the primary purpose of a smart meter is for suppliers to access meter readings. Loop goes much further with the app allowing people to see in real-time how easy, but high-impact changes make a big difference to their energy bills.
“Our ambition is to have a positive and lasting impact on the environment. But in order to do this, we need people to understand the role they can play. It was out of this ambition that Loop was born. We believe Loop can harness the power of the collective – if every household took steps to become more aware of how they use energy and made a few small changes, that would have a significant impact. But we understand that people lead incredibly busy lives, so it’s important we make it as easy as possible, and that’s what Loop does.”
Loop is the first consumer product from Trust Power, the Oxford-headquartered company established in 2017. The organisation currently employs a number of Oxford University Graduates including its Head of Data Science, Dr Steve Buckley.
Roy Bedlow said: “As well as being a city that’s forward-thinking when it comes to tackling climate change, Oxford was the right place for us to develop Loop as there is an incredibly high standard of local talent, particularly in the data and technology sector.”