Posted by Lending Club :: March 18, 2009 @ 5:36 am

As anyone who has tracked their finances can tell you, knowing where your money goes is the first step in eliminating waste and saving as much money as possible. Tracking other aspects of our lives gives similar insight and the possibility of similar savings. Google’s philanthropic group, google.org, is developing technology to allow home energy use to be tracked and analyzed with ease.

The Google Power Meter will present a graphical view of data from advanced energy meters in near real time. Although 40 million of these “smart meters” are already in use today, many of them don’t display the collected information to the consumer in a meaningful way. The Google Power Meter intends to change that. By presenting energy use in an easy to understand format, finding ways to reduce consumption should be easier to identify.

Some of the hypothetical questions that could be answered by using the service were:

• How much does it cost to leave your TV on all day?
• What about turning your air-conditioning 1 degree cooler?
• Which uses more power every month — your fridge or your dishwasher?
• Is your household more or less energy-efficient than similar homes in your neighborhood?

Clearly, the visibility that would enable you to answer those questions would also allow you to save money. As with many environmental initiatives, the motivation behind using such a service (which will be free) can come in many different forms. Some people will use the information to reduce their carbon footprint. Others will do it purely to save on their electric bill. Many will take action for a combination of those reasons.

Having more information is an important first step in understanding any problem. Organizing and presenting that information in a meaningful way is even more critical. The Google Power Meter, coupled with advanced energy meters throughout your home, should give you the necessary insight into your energy use to make appropriate changes, regardless of your motivation.

What’s more important to you, saving the environment or saving money on your energy bills?