An Israel-based startup called Panoramic Power wants to change how we measure and record energy use in a building.

The current method does not provide any granular, real-time measuring, largely due to the technology barrier that exists with the technology running the modern lighting, HVAC and other energy systems, and the ability to gather energy consumption data.

The Panoramic Power technology hopes to break this barrier by having circuit power sensors that harvest and send energy data through a wireless mesh network every ten seconds or so.

This patent-pending technology will connect to Panoramic’s P3E cloud analytics platform to help compare the building energy systems and the incoming energy readings. This comparison will be used to detect and issue alerts to the building management system will hopefully reduce inefficiencies like “drifts.”

Alternatively, the system can replace building management systems at a cost 5 to 10 times cheaper. The system would help reduce energy use by 20-30 percent with return-on-investment seen in just a few days to one year. The company already has between 20 to 30 customers having implemented its technology.

The company’s service launches officially on May 14th, 2012 and includes a combination of wireless sensors and software analytics to deliver a cheap and effective product into the mass commercial building market. Startups like FirstFuel, Retroficiency, SCIEnergy and Foundry, however, say they can tap into the existing building systems and collect energy data without installing additional monitoring sensors or equipment.

This will likely pose a challenge for Panoramic in a market that demands proof that its energy-harvesting network of sensors is more efficient than existing environments. The company will have to show how its analytics engine will help building managers take actionable steps rather than add another difficult-to-manage dashboard.

Panoramic hopes to create analytics packages to assist as it deploys in more buildings. It is partnering with energy consulting companies, engineers and other building experts to properly merge its data with the existing systems.

Currently, some of its clients include a California auto retailer, an Israel pharmacy chain and hospitals.