Australia has one of the highest energy prices and electricity consumption rates. The local blockchain company aims to fight that and introduce large-scale solar energy trading.
Australian energy-focused blockchain company Power Ledger announced this Wednesday the three-year deal with a property developer Nicheliving to install its energy trading platforms to around 100 residential apartments in Western Australia.
As reports the Ledger Insights, the blockchain-based solar energy platform will be initially rolled out in 62 apartments in Inglewood and later in the Perth metropolitan area, established by a local property developer.
Power Ledger’s blockchain platform allows transacting excess energy generated by rooftop solar panels. Households will be able to track energy consumption and transactions as well as sell surplus power to each other.
According to Jemma Green, co-founder and chairman of Power Ledger, the company expects property developer to use 100% renewable energy through an electricity network, solar PV and storage microgrid. The chairman also noted:
We’re seeing an emerging trend of project developers considering more low cost and low carbon energy supplies during the design phase of their projects. Power Ledger’s platform incentivizes homeowners to invest in solar energy infrastructure.
The latest deal is not the only one made by the blockchain company towards greener energy usage. The company is also running a trial for energy trading in rural Australia and partnered with electricity wholesaler Powerclub to offer its platform in South Australia.
The Australian startup has also stepped into the European market early this year when it signed a contract with a French green energy retailer to enable tracking and certifying clean energy supplies on the blockchain.