Australian blockchain energy market provider Power Ledger has joined forces with Project Brainstorm to bring renewable energy trading to Queensland residents.
Project Brainstorm is a renewable energy systems provider that delivers a complete end-to-end package for mostly large-scale residential and commercial developments looking to enter the distributed renewable energy marketplace.
The partnership will see Project Brainstorm adding Power Ledger’s unique energy trading platform to its renewable energy product to enable Queensland consumers to access the benefits of low-cost, low-carbon energy while maximising financial returns by selling their excess energy to their neighbours.
Power Ledger managing director David Martin said coupling onsite renewable energy generation with peer-to-peer trading allowed residential consumers living in lifestyle villages and apartment complexes the opportunity to maximise the value of their renewable energy investment.
“In group residential developments, strata managers and consumers have the freedom to act as on-site energy utilities generating clean, low-cost energy from solar panels installed on properties within the embedded network,” Mr Martin said.
“Energy trading greatly increases the financial return from installing rooftop PV because instead of selling it to energy retailers, residents can sell energy to their neighbours for more than twice what their retailer may be prepared to pay.”
Blockchain technology is used to create an immutable record of energy generation and consumption, allowing consumers in strata-titled developments to buy and sell energy among themselves.
Project Brainstorm managing director Luciano Giangiordano said distributed solar on group residential properties was a cost-effective way for tenants to reduce their energy costs and give residents a tidy return on investment.
“Solar already has a great pay-back for customers but adding the ability to sell energy to your neighbours really makes installing solar make a lot of sense,” Mr Giangiordano said.
“It’s especially attractive to the grey nomads who can often spend months away from home touring Australia – instead of their renewable energy being spilled into the grid, selling power to their neighbours can help fund their holidays.”