Power Ledger launches solar energy trading in Australia

The economic meltdown caused by coronavirus outbreak-related fears is changing the world as we know it. For the first time in history, the benchmark oil futures contract in the US dropped into the negative territory. A development like that cannot go unnoticed, and while many have speculated about the future, others decided to make a move.

For example, many of the blockchain developers started turning towards sustainable, green energy projects. One example of this is an Australia-based blockchain company, Power Ledger, which just sighed a deal of major importance.

How does it work?

Power Ledger partnered with Nicheliving, the largest Perth-based medium-density residential developer. The goal of the deal is to create a new trading platform on blockchain tech. However, this will not be a regular crypto trading platform. Instead, it will focus on trading energy, and it should become available for the local residents over the next three years.

The companies revealed their plans only recently, earlier today, stating that the platform will roll out in 62 apartments in Nicheliving's SkyHomes development in Inglewood. After that, 10 additional developments in the Perth metropolitan area will follow.

SkyHomes-based system will provide 100% of renewable energy to the residents in the 62 apartments. It will use an embedded electricity network, as well as solar PV, and storage microgrid.

Power Ledger will then use its blockchain platform to keep an eye on energy consumption. Meanwhile, any surplus solar energy can be sold to other residents who may require more. That way, energy distribution will remain optimized, while the cost of investment and usage will go down.

Can the two firms lead people to a new power source

The managing director at Nicheliving said that the platform will provide inventive to homeowners to depend less on fossil fuel power. They will receive a new power source, as well as a revenue stream, so they really have nothing to lose by using it.

Meanwhile, Dr. Jemma Green, the co-founder of Power Ledger, stressed the platform's potential. Especially when it comes to its potential to help developers with paying back their solar investment.

The deal between the two companies is now also a part of a joint venture called Connected Communities Energy.