The University of Nebraska-Lincoln saved big money when they installed more than 60,000 low-cost sensors, supported by software, databases, and an algorithm that was designed to spot HVAC breakdowns. It was so successful that the University saved about $200,000 in just one year.

Says Lalit Agarwal, the University’s Director of Utility and Energy Management, “We’ve had instances where technicians show up to fix a classroom’s ventilation system, and the instructor says, ‘But I didn’t call for anybody.’ The technicians say, ‘We know, but you probably would have in a month.’”

The optimization created by IoT is nothing short of extraordinary. It allows institutions that incorporate this new data into an actionable maintenance plan to discourage wasteful consumption.

“Energy management is right up there among the most compelling applications for IoT because it often results in direct cost savings,” says Steve Hoffenberg, the director of industry analysis, IoT and embedded technology at VDC Research. [1]

At that rate, the projected savings globally for IoT managed energy could reach up to 1.4 Trillion dollars by 2021.