We are starting to hear more talk about SolarCoin, an alternative digital currency that works like air-miles for Solar electricity generation. SolarCoin is claimed by individuals or organisations generating solar electricity.The goal is to provide an incentive to produce more solar electricity globally by rewarding the generators of solar electricity. SolarCoin is intended to shift the cost of electricity, thereby reducing the payback time of a solar installation. By working closely with the solar industry, the SolarCoin Foundation, with SolarCoin, is at the base of a virtuous circle, creating an uptake for solar equipment and helping create jobs in the renewable energy sector. Each SolarCoin in circulation represents 1 MWh of solar electricity generation.
Will from Brighton Energy Coop told us, "Many of our members have solar PV installed on their homes; SolarCoin offers them a financial reward for doing so. Brighton Energy Coop has recently successfully applied for our own solar installations. At their current exchange rate this means BEC now holds £1000 worth of Solarcoins - at no cost to us.
While cryptocurrency can seem almost sci-fi, the process to apply for Solarcoins is not difficult. It's well worth supporting this interesting idea - whether through claiming your own Solarcoins, or encouraging those with PV installations to do so. That's especially true as the more well-known cryptocurrencies (such as Bitcoin) use so much energy. Solarcoin provides a clean energy alternative, as well as the financial benefit mentioned above.
Cryptocurrency is not a simple subject but we are just at the beginning. I'd advise anyone interested to learn about the way it works. But it may be that financial innovation could be part of the renewables future as much as technical innovation has been."
CEE is not affiliated with SolarCoin and by us bringing this to your attention does not mean we officially support it, but if interested, have a look and consider if it is right for you.