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.
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.”