Energy consumers in Melbourne will be able to buy and sell renewable power through a new blockchain platform set up by Power Ledger and Greenwood Solutions.
The goal of the project is to supply residents with clean renewable energy while also creating increased awareness around the benefit of renewables, like solar.
Greenwood Solutions Director, Eddie Greco, said: “The current model of how people buy and sell electricity is outdated and cumbersome. Being able to experience our customers first hand frustration on the complexity of electrical billing, quickly made us realise that change was needed.”
The deployment will see Greenwood Solutions install solar across strata units using the Power Ledger platform to distribute solar energy efficiently behind the meter.
This is the one of many consumer-based solar projects occurring throughout the country. For example, in South Australia Tesla is installing a virtual solar farm by placing panels on 50,000 homes for no charge.
Power Ledger’s platform will enable those who generate their own renewable power to sell to their neighbours cheaply on the blockchain network.
The company’s Managing Director David Martin commented: “Coupling on-site renewable energy generation with peer-to-peer trading will allow residents to maximise the value of their renewable energy investments, while sharing the low-carbon benefits with their neighbours.”
David Fulton, Greenwood Solutions Project Engineer, added: “The lagging effect of our energy infrastructure when compared to other sectors, especially telecommunications, has puzzled me for many years.
“After reading the Power Ledger white paper I was pleased to see I wasn’t alone and that an Australian company had a world class solution. After meeting with Power Ledger at their headquarters in Perth earlier this year, working together seemed like the next logical step.”