An Australian company aims to change the way energy trading is done in the country by undertaking trials that will determine how individuals buy, sell or exchange excess solar electricity through its blockchain-based software instead of on the grid.
The aim of the pilot project is to ensure that producers and consumers have the ability to trade their energy directly, whereby they can save money and maximize the use of the solar panels.
Jemma Green, Power Ledger’s chair and co-founder of the company alongside Dave Martin and Jenny Conroy, said that if you’ve got excess solar electricity, you would usually sell it back for a low feed-in tariff and purchase it at a high rate off the grid.
For many consumers, the decision to put solar panels on their roofs wasn’t just about saving money or saving the environment; it was an investment decision. The ability to now sell their excess energy to other customers represents the return on their investment.
She added that this would be a win-win situation for both sides involved: those who were able to invest in the solar panels and those that weren’t.
They will be able to access clean, renewable energy at effectively a ‘wholesale’ rate. Everyone wins.
Earlier this year, CCN.com reported on how the blockchain could serve as a foundation of a system for linking energy grids, which was according to Greentechmedia.com.
According to the founder of L03 Energy, blockchain’s impact could be much bigger than bitcoin, because it can record transactions that are designed to be transparent and efficient.
Of course, with the use of blockchain increasing in many areas of our day-to-day lives, it seems natural that energy companies are turning their attention to the use of blockchain in a bid to help consumers save money.
Featured image from Shutterstock.
Last modified: June 10, 2020 12:22 PM UTC