Economic and Environmental Impact of IoT in the Energy Sector: A Study on Commercial and Residential Buildings in Bangladesh

Abstract

Purpose—In Bangladesh, where both commercial and residential buildings contribute significantly to energy demand, IoT solutions are gaining popularity. The study aims to determine the economic and environmental impact of the Internet of Things (IoT) in Bangladesh's energy sector.
Design/Methodology/Approach—This study employs an experimental research design, collecting data through observations and experiments in a specific office building setting between March and October 2019.
Findings – In March 2019, total electricity consumption was 231.73 kWh in four different upazilas of Khulna district, with the AC set to 20°C. Setting the AC to 24°C or 25°C can save 20- 30% of energy, saving approximately 664 kWh from March to October. With 80% AC demand, the total energy saved amounts to 107,342,800 kWh, reducing about 129,885 tons of CO2 emissions.
Research Implications—The study enhances the understanding of IoT's role in optimizing energy use and reducing CO2 emissions in property management.                                                                                                         Practical Implications—This study offers useful insights into adopting IoT to improve energy efficiency, lower costs, and promote sustainability.
Originality/Value – This research uniquely addresses IoT's impact on energy management in Bangladesh, highlighting its economic and environmental benefits.