PowerLedger Introduces Cryptocurrency Similar to Bitcoin, For Solar Projects

An Australian company is introducing their own version of cryptocurrency that will let homeowners and businesses sell excess energy generated from their rooftop solar panels to neighbors as reported by Bloomberg Technology.

Perth-based company, Power Ledger, has sold at least 50 million “power tokens” offered at $0.88 US each. According to Jemma Green, the company’s co-founder and chair, the system will make solar panels more viable financially and improve efficiency in the energy market. She also added that it will also allow residential investors to buy small stakes in large-scale community solar projects.

The tokens being issued will also let solar farms sell electricity to individual customers and let apartment buildings and offices trade energy from their rooftop solar panels.

Click here to read the full story on Bloomberg Technology