Consumers See Online Where Their Money Is Going to Waste, Game-Changing Entrepreneur Tells Innovate Pasadena Audience

CEO and Co-Founder of Chai Energy Cole Hershkowitz has created a game-changing company that helps energy consumers see where they are wasting money and energy every month on utilities and provides ways to put that cash back in their pockets. The entrepreneur stopped by Innovate Pasadena’s Friday Coffee Meet-Up to fill in locals on the future of consumer energy savings.

“We’re now seeing this open market with anyone can participate for energy efficiency. We’re now in the time where truly interesting and innovative products win,” said Hershkowitz.

Hershkowitz’s background studying technology, liberal arts, and sustainability at CalTech paired with a stint working for Southern California Edison inspired him to create a company that did what large utility companies like SoCal Edison were not: helping customers save.

“They would collect massive amounts of data and do absolutely nothing with it. I knew I wanted to take everything I learned at CalTech and everything I was passionate about in sustainability and turn it into a company,” said Hershkowitz.

Chai identifies energy-saving opportunities based on your home’s actual energy consumption, and recommends rebates, incentives, and programs to help you save on your utility bill, according to Chai’s website.

“We waste a ton of money in our homes. Hundreds of dollars a year are thrown down the drain, but the real problem with that waste is that there are tons of different ways to waste energy. Everyone’s situation is unique,” said Hershkowitz who discussed common household factors of energy inefficiency that includes newer versus older appliances, leaving certain items on throughout the day and so on.

Chia has two separate apps. One is the lite version that is free and compatible with customers that have SoCal Edison and Chai Energy Pro that features real-time energy monitoring and customized tips for reducing energy usage and saves the average homeowner up to $300 per year on their energy bill, according to Hershkowitz.

The apps show  charts, graphs and monetary details that are designed to transparent and readable.

“Chai’s app shows you data that tells you very concretely, very specifically and very actionably a personal way where you’re wasting money on your bill and how you can get that money back,” said Hershkowitz.

Power Pay Days is a featured program Chia offers is that pays its customers to reduce usage on specific energy demand response days.

“It’s a way for you to actually benefit from wholesale market prices of the energy grid,” said Hershkowitz.

Chai Energy collects daily energy use data from Green Button Data, a standard form on energy data, which is currently not compatible with many municipal utilities like Pasadena Water and Power, but with larger companies like SoCal Edison.

“Strategically we are picking off the largest volume utilities first and we will go down the market as we Chai Energy is scaled,” said Hershkowitz.

For more information about Chai Energy and to download the app, visit chaienergy.com