Indian TERI creates platform for solar electricity trading
- The Energy and Resources Institute announces a new platform for P2P transactions of green power among residential consumers sharing the neighborhood.
New Delhi’s TERI has created a prototype for P2P trading of solar power among neighboring consumers. The blockchain-based platform is meant for selling the excess electricity produced by a rooftop PV station at a price exceeding the one the plant owner is offset at. As well, the power can be also sold back to electricity distribution companies. The platform will enable individuals, schools, shopping centers, as well as medium- and small-scaled businesses sell the locally generated electricity to each other.
The platform will allow consumers to sign in and bid price quotations for local electricity. Besides, the prototype provides reports on the power volume generated and consumed as well as payments conducted. The platform users will sell and purchase green electricity by way of tokens similar to cryptocurrency coins.
Noida-based Sofocle has taken part in the development of the prototype based on secure, transparent and efficient blockchain tech. The aim of the platform is to support the creation of domestic power market and deployment of residential rooftop photovoltaic plants. This is expected to be achieved by incentivizing the consumers through an opportunity to sell power to each other (not only to power utilities).
The country has a goal of installing 40GW of rooftop PV capacity in a two-year period. However, residential power plants are being installed more slowly than industrial or commercial stations. The newly created platform is expected to scale up the deployment of rooftop photovoltaics in the residential sector.