The future of home electrification
© HSB Canada

The future of home electrification

Q&A with Jelena Colovic Regional Engineering Manager, HSB Canada

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    Homeowners are becoming more informed about the effects of traditional power sources on climate, and are turning more to renewable, clean energy to power their homes. Advancing technology and reduced cost are supporting this movement.

    In this article, Jelena Colovic, Regional Engineering Manager HSB Canada, provides insights about trends shaping the future of home electrification.

    What is home electrification?

    Home electrification replaces traditional energy sources, such as natural gas and oil, with clean electricity, to power appliances, heating systems, and transportation. 

    What’s driving electrification?
    I observe four key developments driving this trend.
    1.   Smart Homes

    The future of home electrification will be characterized by smart homes, allowing homeowners to monitor and control their energy usage, making it easier to save money and reduce their carbon footprint.  Smart thermostats, for example, will use sensors that can adjust temperature based on their schedules and behaviors, while smart lighting systems use sensors that can automatically turn off lights when no one is in the room.

    2.   Renewable Energy Sources

    Renewable energy sources play a major role in the future of home electrification. Solar panels and geothermal systems in non-urban areas are becoming more affordable and accessible, allowing homeowners to generate their own electricity and at the same time, save money. New homes can be easily equipped with built-in solar panels or other renewable energy systems, reducing reliance on traditional power grids.

    3.   Energy Storage

    Homeowners will be looking for ways to store energy, enabling them to use it on demand. Energy storage systems, such as batteries, will become more common in homes, as storage of excess energy generated during peak hours will need safe and reliable systems in place to provide power during times of low generation. 

    4.   Electric Vehicles

    As electric vehicles become more affordable and accessible, charging stations are becoming more common. With proper installation in place, electric vehicles can be charged using renewable energy sources, such as solar panels, making it possible for homeowners to power vehicles using clean energy generated by their homes.

    As home electrification continues to expand, so will risks, such as equipment breakdown, cyber and other property hazards. Insurance and risk management solutions will need to continue to evolve to keep pace with these trends.

    Connect with Jelena Colovic on LinkedIn

    This article is for informational purposes only and is not intended to convey or constitute legal advice. HSB makes no warranties or representations as to the accuracy or completeness of the content herein. Under no circumstances shall HSB or any party involved in creating or delivering this article be liable to you for any loss or damage that results from the use of the information contained herein. Except as otherwise expressly permitted by HSB in writing, no portion of this article may be reproduced, copied, or distributed in any way. This article does not modify or invalidate any of the provisions, exclusions, terms or conditions of the applicable policy and endorsements. For specific terms and conditions, please refer to the applicable insurance form. Posted on September, 2023

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