Growing concern over environmental issues push the energy market towards green energy and decentralized production. Consumers equipped with renewable energy production means, such as domestic solar panels, are able to sell their self-produced energy locally.
Renewable energy production and a household’s consumption are variable by nature, and often do not match. With the emergence of new vehicle-to-grid (i.e. V2G) technologies, electric vehicles appear as a solution to store, transport and distribute energy smoothing energy balance and increasing the autonomy of these individual producers.
P2P energy marketplaces are a first step towards effective re-allocation of energy, yet they have limitations:
- EV owners can’t sell energy surplus to the power grid;
- Individual power producers have limited possibilities to sell their excess energy production;
- Energy aggregators have the obligation to buy back energy surplus, resulting in negative economic impact;
On the road to redistribution
Our solution adds vehicle-to-blockchain capability to a decentralized local energy marketplace. This shifts the energy balance of individual electricity producers because storage capacity is added to the marketplace.
Charge and share
Economic incentives encourage behaviors that are beneficial to all:
- EV owners are encouraged to store energy when renewable power production is high, then sell the surplus energy back to the grid. This eliminates intermittency of renewal power.
- EV drivers are also invited to charge their battery at night when demand is low, then give the surplus energy accumulated back to the grid during peak hours at higher prices.
As a result, the boosted power grid benefits to all:
- EV owners get extra revenues by selling their accumulated energy to the grid;
- Individual producers can sell their surplus energy to electric car owners, who have different energy needs;
- Production & consumption balance is smoother, meaning that energy aggregators have less requirements to buy excess production;