What is the main reason more people do not participate in the renewable energy space? The answer is simple – “What is in it for me?” and please do not give the old “save the planet” speech because quite frankly, people are a little tired of hearing that spiel. Power Ledger (POWR) is striving to kill two birds with one stone by creating a peer-to-peer network for the purchase and sale of renewable energy. What does this mean? It means you can outfit your home with solar panels or put up a windmill in your pasture, create renewable energy (i.e. electricity) to power your home, sell some extra power to your neighbor, and even sell electricity back to the power company using Power Ledger’s in-house power tokens known as SPARKZ.
This is the fashion trend of the future, and Power Ledger has a viable business plan in place and the blockchain and electricity sector experience needed to follow through with it. The company officially opened its doors in May of 2016, so they have been around nearly two years. I actually listened to Power Ledger’s Co-Founder and Chairperson Dr. Jemma Green on a Crypto 101 podcast where she breaks down the ins and outs of the peer-to-peer renewable energy network her company is creating.
As I mentioned in the first paragraph, the main reason the average consumer does not participate in the renewable energy game is because it is a very big investment and most people cannot afford to spend $10 to $20 thousand on a solar panel installation for their home. However, this investment pays for itself in practically no time at all. A friend back in Arizona had a solar power package installed on his home and said his electric bill for the entire seven years he owned his home was $700. The average monthly bill for a 915 square foot apartment in Phoenix is $170 so, the total electric bill for my friend should have been $14,280 for the seven years instead of $700 and his house had a pool and was much bigger than 915 square feet.
So, now that the fear of losing money on your solar panel investment has diminished somewhat, let’s consider the possibilities of being able to sell your extra power units to your peers/neighbors and back to the power company. If this was just a break-even opportunity, the opportunity of being able to sell power back to the power company would be appealing enough for me to take the leap. Imagine the competition that would arise from so many “mom and pop” types of electric stores instead of just a handful of power conglomerates. Anyway, again do not take my word for it, please reach out to Power Ledger and ask Dr. Green what their plans are for the rest of 2018 and read their white paper. I did and it convinced me to buy some of the POWR tokens before writing this article.