A new water meter and smartphone app could save consumers about $250 a year in water-related expenses.
Conservation Labs has introduced H2know, an affordable, innovative smart water meter that is easy to install and access through an app.
The new company’s easy to install and non-invasive solution, which was recently received recognized with a CES 2018 Eureka Park Climate Change Innovator award, will cost less than $100, far less than other solutions on the market, and works with the homeowner to save money and prevent damaging and costly leaks, including those that can lead to mold and related health problems.
“Conservation Labs was founded not only to save consumers money, but also give them peace of mind from costly, damaging leaks,” said Mark Kovscek, founder and CEO, Conservation Labs. “H2know is an affordable, easy to install smart water solution that we estimate can save the average homeowner about $250 a year in water-related expenses. H2know is more than just a water meter, our team of data scientists and engineers built a machine learning approach to give consumers actionable insights to save money. Many consumers don’t realize all the money they are losing that is literally going down their drain and that as many as 1 in 50 homes will have significant plumbing problems this year.”
H2know benefits and features include:
- Affordability -- The solution is as much as 6-8 times less expensive as comparable solutions in the market.
- Savings – Households can save, on average, about $250 a year depending on where you live.
- Leak detection and damage prevention – The solution not only detects the presence of a leak in real-time but also identifies which appliance is the source of the leak.
- Water use tracking – The device can estimate water flow down to the second and categorize use (e.g., how many times did the toilet flush and how much water did it use?). Accurate and precise information helps create better water-saving action plans.
Easy installation -- A homeowner can install the device in about 10 minutes, and no plumber or technician is required as the product simply rests on or attaches to the water pipe.
Kovscek was inspired to start his company after experiencing his own high-water costs and leak problems.
“In the summer of 2015, my water bill spiked by $100 and realized that we must have an unseen leak in the system,” Kovscek said. “After testing, I found that our heating system had a leak and was releasing water right down the drain, undetected. I surveyed the market and the solutions available at the time were over $1000 and required a plumber. I concluded there has to be a better way. We’ve been working on it ever since.”
Kovscek earned his degree in mathematics from Carnegie Mellon University and has been solving large, complex problems with data science for the last 25 years. He concluded, “This is, by far, the most important challenge in my career. We have the opportunity to improve people’s lives and impact the environment in a very tangible way.”
Research analysts predict that the smart water meter space will become a $2 billion industry in the coming years. Kovscek attributes this to increasing water rates, environmental concerns, interest and adoption of smart home devices, and affordable solutions to protect property and save money.
He said factors driving this growth include:
- Water infrastructure is in the process of major upgrades and there are nearly $5 trillion in expected water infrastructure repair or replacement in the next decade (20% of which is from public pipes alone).
- Changes in the climate have brought new conservation requirements including 40 million people that have 20 percent plus mandatory water reduction requirements in the western U.S.
- There are about 1 million catastrophic leaks in homes every year, costing nearly $10 billion in repairs.
The company is also launching an Indiegogo campaign to bring its products to market.
Read more about water saving devices.