Peer-to-peer (P2P) energy trading platform Power Ledger and energy solutions business Greenwood Solutions have announced a partnership to bring renewable energy trading to Melbourne.
The site for deployment has been identified in Burwood, Victoria, and will be the first commercial deployment of Power Ledger’s P2P energy trading platform.
The deployment will see Greenwood Solutions install solar across strata four units using the Power Ledger platform to distribute solar energy efficiently behind the meter.
Greenwood Solutions director Eddie Greco said the current model of how people buy and sell electricity is “outdated and cumbersome”.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’ firsthand frustration on the complexity of electrical billing quickly made us realise change was needed,” Mr Greco said.
“Renewables and blockchain have been a strong passion of mine over a number of years.
“It was only a matter of time before the synergy between the two was found.”
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.
Power Ledger’s software platform enables consumers to buy and sell renewable energy directly between one another, also known as as ‘peer-to-peer trading’.
In order to do this, Power Ledger uses world-leading blockchain technology to create a transparent, auditable and automated record of energy generation and consumption.
Power Ledger managing director David Martin said the combination of on-site renewable energy generation and peer-to-peer trading will enable residents to maximise the return on their renewable energy investments.
“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,” Mr Martin said.
“Power Ledger is focused on creating a platform for consumer-owned, low-cost, low-carbon energy systems and this deployment in Melbourne brings us a step closer to our goal of democratising power.”
Power Ledger and Greenwood Solutions aim to provide clients with lower cost energy systems to off-set existing power bills and allow customers to monetise their excess energy generation by selling to third parties during times of high-output and low consumption.