1 Q1 2016

2

Safe Harbor Statement This presentation contains forward-looking statements. All statements other than statements of historical facts contained in this presentation, including statements regarding future results of the operations and financial position of Opower, Inc. (“Opower” or the “Company”), including financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. Opower has based these forward-looking statements largely on its estimates of its financial results and its current expectations and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs as of the date of this presentation. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the heading “Risk Factors” in Opower’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequently-filed quarterly reports on Form 10-Q and current reports on Form 8-K. Moreover, Opower operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for Opower’s management to predict all risks, nor can Opower assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements Opower may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this presentation may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although Opower believes that the expectations reflected in the forward-looking statements are reasonable, Opower cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, neither Opower nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Except as required by law, Opower undertakes no obligation to update publicly any forward-looking statements for any reason after the date of this presentation, to conform these statements to actual results or to changes in Opower’s expectations.

In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. A reconciliation of non-GAAP measures to GAAP measures is contained in the Appendix.

3

Investor Overview

Cloud software for utilities

Unrivaled market leader

Tech and data advantage

Huge expansion potential

utility clients 100 meter

reads 500B+ consumer endpoints 60M+ addressable

market $11B

2010 2011 2012 2013 2014 2015 2016 E

$11M

$29M

$52M

$89M

Non Recurring

Recurring

$128M

$149M

SUSTAINED REVENUE GROWTH

$161M

Note: 100 clients and 60M endpoints under contract as of 12/31/15. 500B meter reads as of 10/1/15. $161M is the midpoint 2016 guidance.

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DEMAND MANAGEMENT CUSTOMER CARE

LIGHTING REBATES LOAD CONTROL PAPER BILLS CALL CENTERS

#1 SOURCE OF SPENDING IN EACH CATEGORY

Utility Status Quo is Pre-Internet

5

Opower Enterprise Platform

DEMAND MANAGEMENT CUSTOMER CARE

ENERGY EFFICIENCY

DEMAND RESPONSE

DIGITAL ENGAGEMENT

BILL ADVISOR

PERSONALIZATION

ANALYTICS

CALL CENTER

OUTAGE MANAGEMENT

CUSTOMER DATA

METER DATA

PARCEL DATA

WEATHER DATA

DEMOGRAPHICDATA

6

$2.2 Trillion Utility Industry in Transition

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Telecom Banking Airlines Utilities

Dig

ital a

dopt

ion

HUGE OPPORTUNITY FOR DIGITAL TRANSFORMATION

Source: Bain & Company, Leading a Digical Transformation http://www.bain.com/publications/articles/leading-a-digical-transformation.aspx

INCREASED SPENDING ON DEMAND MANAGEMENT

0

2

4

6

8

10

12

2008 2014

$B/y

ear

DemandResponse

EnergyEfficiency

Source: US and Canada from the Consortium for Energy Efficiency http://library.cee1.org/content/2014-state-efficiency-program-industry

7

Energy Efficiency Market and Funding

MANDATED COMPLIANCE COST RECOVERY

states with mandated energy efficiency of US electricity consumption covered by mandates

Efficiency programs are cost neutral for utilities

Surcharge covers program cost and lost revenue

24

55%

Source: http://aceee.org/topics/energy-efficiency-resource-standard-eers and http://www.eia.gov/electricity/data/eia861/zip/f8612013.zip

Source: https://www.bge.com/myaccount/billsrates/Pages/Understanding-My-Bill.aspx

8

Unique in the Competitive Landscape

Traditional ERP •  Opower integrates with Oracle and SAP •  ERP solutions not designed for digital engagement

Demand Management •  C3: Pivoting away from energy •  Tendril: Efficiency for one large client

Customer Care •  Smart Utility Systems: Custom-built solutions •  Aclara: Low cost web portal

Smart Meter •  Upstream providers of data •  Some analytics and customer engagement

Enterprise Platform •  Purpose built to serve utilities with an integrated suite •  Unique expertise in analytics and behavioral science

System Integrators

9

$11B Total Addressable Market

Note: Based on Opower estimates.

49%

29%

22%

ENERGY EFFICIENCY

CUSTOMER CARE

DEMAND RESPONSE

10

Huge Expansion Potential

Note: Endpoints under contract as of 12/31/15.

710 MILLION ADDRESSABLE ENDPOINTS

>150M END[POMTS SERVED BY OUR CLIENTS

CATEGORY ENDPOINTS

DEMAND MANAGEMENT 18 million

CUSTOMER CARE 60 million

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Revenue Expansion Across Product Lines

Energy Efficiency Demand Response Digital Engagement Bill Advisor

ENTRY 2010 2013 2015 TODAY

EAST COAST UTILITY

$5.1M $12.3M $20.6M

WEST COAST UTILITY

$2.3M $10.4M $12.8M

EAST COAST UTILITY

$0.3M $6.1M $8.8M

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Select Opower Clients

2015

2014

2013

2012

2011

2010

2009

2008

2007

DOMESTIC INTERNATIONAL

Note: 100 utility clients under contract as of 12/31/15.

100 UTILITY CLIENTS ON 4 CONTINENTS

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Strong Backlog and Revenue Visibility

$480 MILLION TOTAL BACKLOG 35 MONTH WEIGHTED AVERAGE CONTRACT LENGTH

Note: Backlog as of 12/31/15. Weighted average contract length based on new contracts signed in 2015. Renewal is expected in 2016 but not yet signed. Incremental is planned in 2016 but not yet sold. $157M - $165M is published revenue guidance for 2016.

Total under contract in 2016

$145M

2016

R

EV

EN

UE

Deferred revenue

Unbilled under contract in 2016

Under contract in out years

$73M $72M $332M In

crem

enta

l

TOTA

L B

AC

KLO

G

$12M - $20M

2016 Revenue $157M - $165M

Ren

ewal

14

-20%

-10%

0%

10%

20%

30%

40%

Seq

uent

ial g

row

th

Q1 Q2 Q3 Q4 Q1

RESULT OF LARGER CONTRACTS AND NEGOTIATED BILLING SCHEDULES

2014

2015

estimate

Deferred Revenue Seasonality

15

Unique Billing Terms, Q4 Concentration

Large Expansion annual billing

Renewal + Expansion quarterly billing

Renewal semi-annual billing

Renewal + Expansion annual billing

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17

Contract signing quarter Note: Opower contracts tend to have significant variation in billing terms, timing and cadence. This chart highlights general trends across deal types, but each transaction may be different. Billing schedules and revenue recognition are further explained on page 22.

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Large Renewals Secured

TERM 6 years 3-6 years 5 years

SIGNED Q2 2015 Q2, Q3, Q4 2015 Q1 2016

ENDPOINTS 5+ million 3+ million 6+ million

STATES CA NY, MA, RI IL, MD, PA

SOLUTIONS DEMAND MANAGEMENT

CUSTOMER CARE

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2012 2013 2014 2015 Long-term targets

Gross Margin 62% 64% 67% 64% 68 - 72%

S&M 42% 36% 41% 36% 24 - 28%

R&D 34% 32% 31% 31% 16 - 18%

G&A 8% 8% 10% 10% 8 - 10%

Adjusted EBITDA (18%) (7%) (10%) (6%) 20 - 24%

Notes: Non-GAAP percentages exclude stock based compensation. During the first quarter of 2014, the Company updated its methodology for allocating certain general and administrative costs to more closely align these costs to the functional departments consuming the related services. Percentages above reflect the new methodology. Expenses include allocations of Depreciation and Amortization including capitalized software. D&A was 3.1%, 4.2%, 5.6% and 7.6% in 2012, 2013, 2014 and 2015, respectively, and is expected to be 3-5% of revenue over the long-term.

Long Term Financial Targets

18

Investor Overview

Cloud software for utilities

Unrivaled market leader

Tech and data advantage

Huge expansion potential

utility clients 100 meter

reads 500B+ consumer endpoints 60M+ addressable

market $11B

2010 2011 2012 2013 2014 2015 2016 E

$11M

$29M

$52M

$89M

Non Recurring

Recurring

$128M

$149M

SUSTAINED REVENUE GROWTH

$161M

Note: 100 clients and 60M endpoints under contract as of 12/31/15. 500B meter reads as of 10/1/15. $161M is the midpoint 2016 guidance.

Appendix

20

Management Team

RICK JUNEJA Senior Vice President

Customer Success

JEREMY KIRSCH Executive Vice President

and General Manager Worldwide Sales

DANIEL YATES Chief Executive Officer, Founder and Director

ALEX LASKEY President, Founder and Director

SENIOR MANAGEMENT

INDEPENDENT BOARD MEMBERS

MARK MCLAUGHLIN

MARCUS RYU

THOMAS KRAMER Chief Financial Officer

MICHAEL SACHSE Executive Vice President

and Chief Marketing Officer

DEEP NISHAR

JON SAKODA

GENE RIECHERS

MARCELLA BUTLERSenior Vice President

People

21

Revenue Recognition: $5M Contract

-

200,000

400,000

600,000

800,000

1,000,000

Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

Q1 Q3 Q5 Q7 Q9 Q11 Q13 Q15 Q17 Q19 Q21 Q23

Recognized Revenue

Billings

Deferred Revenue

Backlog

Note: Actual billing schedule from a 6-year contract announced in 2015.

$

$

22 Note: During the first quarter of 2014, the Company updated its methodology for allocating certain general and administrative costs to more closely align these costs to the functional departments consuming the related services. The table above reflects the new methodology.

$ Millions 2012 2013 2014 2015

Net Income (Loss) ($12.3) ($14.2) ($42.0) ($44.9)

Provision for Income Taxes $0.0 $0.0 $0.0 $0.4

Other (Income) Expense, Including Interest ($0.1) $0.3 $1.0 $1.1

Depreciation and Amortization $1.6 $3.8 $7.2 $11.3

Stock-Based Compensation $1.2 $3.6 $20.4 $22.6

Adjusted EBITDA ($9.5) ($6.4) ($13.2) ($9.5)

Adjusted EBITDA, Percentage of Revenue (18%) (7%) (10%) (6%)

Appendix A: Reconciliation of Adjusted EBITDA

23

$ Thousands 2012 2013 2014 2015

Gross profit, as reported $32,176 $56,611 $84,314 $92,628

Add back: Stock-based compensation $144 $204 $1,354 $2,250

Gross profit, non-GAAP $32,320 $56,815 $85,668 $94,878

Gross margin, non-GAAP 62% 64% 67% 64%

Sales and marketing, as reported $22,458 $33,116 $61,267 $62,940

Less: Stock-based compensation $527 $1,487 $8,932 $9,178

Sales and marketing, non-GAAP $21,931 $31,629 $52,335 $53,762

As percentage of revenue, non-GAAP 42% 36% 41% 36%

Research and development, as reported $18,006 $29,496 $45,999 $54,095

Less: Stock-based compensation $468 $960 $5,623 $7,418

Research and development, non-GAAP $17,538 $28,536 $40,376 $46,677

As percentage of revenue, non-GAAP 34% 32% 31% 31%

General and administrative, as reported $4,071 $7,816 $17,844 $18,988

Less: Stock-based compensation $48 $974 $4,473 $3,712

General and administrative, non-GAAP $4,023 $6,842 $13,371 $15,276

As percentage of revenue, non-GAAP 8% 8% 10% 10%

Note: During the first quarter of 2014, the Company updated its methodology for allocating certain general and administrative costs to more closely align these costs to the functional departments consuming the related services. The table above reflects the new methodology.

Appendix B: Non-GAAP Reconciliation