Utilizing Machine Learning Techniques for Power Estimation in Residential Electricity Consumption

Abstract

Electricity consumption analysis and estimation play a vital role in various contexts, ranging from business planning to household financial management. In an era where electrical energy is a primary source of human activity, understanding power usage patterns and estimating them becomes crucial. This research enables an understanding of energy consumption from individual to national scales and supports efficient energy policy planning. Power estimation provides insights into the expenditures that consumers or companies will incur, enabling effective financial planning. Research and development of accurate predictive models using machine learning techniques are essential to providing useful information for the energy industry and the general public. This study uses machine learning to compare the performance of different power prediction models. The decision tree (DT) method, with an MAE of 0.3613, an MSE of 0.4184, and an RMSE of 0.6469, gives the best results. The results show that the model can provide accurate predictions of electricity consumption, potentially becoming a reliable tool in power management and financial management. Its contribution is crucial in the energy industry and daily life, providing insights needed to enhance energy efficiency and budget management. As a result, this research provides relevant and beneficial solutions to energy and financial management for society and industry. Keywords: Electricity consumption analysis, Estimation, Machine learning, Power management, financial management