1st Prize of ComEd Student Innovation Contest, http://www.heraldonline.com/2014/09/15/6325379_comed-reveals-top-finalists-in.html?sp=/100/773/385/&rh=1

Duration: 4 month

Team: SzuYing Ching, HsinCheng Lin, Xinli Lin

Personal Contribution : Research, Ideation, Business Plan, Video Editting

Project Intro

This is a design challenge for ComEd that they're looking for solutions to help low-income families to budget their eletricity usage with a indoor tracking device named "Smart Meter".

Our idea, named "The ComEd Prepaid Program"brings future losses to the present moment to help customers become more aware of how they spend their money. Accoding to loss aversion theory, people tend to strongly prefer avoiding losses to acquiring gains.

In addition, with real-time usage tracking, our program motivates users to reduce their electricity use by transforming the typically abstract concept of monthly usage into something more concrete: a current energy balance.

Value Proposition

For low-income customers who need to reduce their electricity expenses, we offer a special program, featuring a prepaid value card, real-time tracking of energy usage, customized energy saving tips and credit rewards. Unlike traditional electricity programs, we provide customers with a concrete understanding of their electricity usage, allowing them to manage their usage anytime and anywhere, and helping them to change their behaviors to efficiently save on electricity expenses.

Main Features

Prepaid System: Users add credit to their accounts with prepaid value cards sold in convenient stores and online. At that time, they are asked to select a target bonus date as their personal savings goal, options for which are derived from ComEd data on average usage for similar account holders.
Real-time tracking: With a smart meter installed at home, customers have online and mobile access to real-time energy use data and details on their remaining account value, both helping them to manage their usage instantaneously.
Customized Tips: Based on customer usage data collected by ComEd, we offer users personalized tips to help them change their energy use behaviors and take actions to efficiently reduce their electricity expenses.
Rewards: Once the user achieves his/her goal of maintaining a positive account balance beyond their preselected bonus date, they will receive a 10% credit increase to their account.