Power Ledger, an Australian company, has introduced a cryptocurrency that will allow customers to sell the power generated from their solar rooftops to neighbours and small businesses without any middleman taking a cut, according to a local media report.
The company’s coin – POWR tokens – will be used to facilitate payments between customers, businesses and solar farms.
This is another innovation achieved through blockchain technology – the company hopes that it will help to increase the financial viability of solar rooftops, increase market efficiency and encourage more homeowners to install solar rooftops.
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Australia, according to an April report in RenewEconomy, has a total solar power capacity of 6 gigawatts, of which 5.6 gigawatts come from rooftop panels on private houses and small businesses.
Though this just is a fraction of the total power usage in Australia, 21% of homes in Australia have solar panels installed – the highest rate of household installation in the world.
Jemma Green, the company’s co-founder and chair, said: “This will make solar panels more viable financially and improve efficiency in the energy market. It will also allow mum-and-dad investors who want to support renewable energy to buy small stakes in large-scale, community-owned solar projects.”