A growing number of companies believe it can, providing a viable way to fund and monetise off-grid renewable solutions in the most remote and needy parts of the world. Indeed, with some 1.2bn people lacking access, mainly in Africa and Asia, innovative approaches are needed to accelerate current electrification efforts if the sustainable development goal (SDG7) of energy for all by 2030 is to be achieved.

“We see blockchain as converting the sunlight into electricity and then into money,” says Alfred Jost, CEO and Founder of Solar Bankers.

The company, which is based in Arizona, has developed a peer-to-peer trading platform coupled to a high-performance solar PV system – claimed as 30% more efficient than standard solar modules at higher temperatures, in which the majority of people without access live, and half the price – and a solar-powered blockchain node. In addition, the company has developed an energy generating solar window and a light recycling module.

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Peer-to-peer trading

In a presentation at the first Engerati Meet on ‘Transactive Energy’, Jost said that a peer-to-peer solution is ideal for an off-grid solution as it is both easy to deploy and to use and can be delivered as part of a ‘whole package’ integrated solution.

“It is flexible and can be individualised and provides energy autonomy at the household level,” he says. “With smart contracts and cryptocurrency [Solar Bankers Coin], we can tokenise commodities.”

Solar Bankers’ technology is built on the Sky Fiber blockchain technology, which Jost describes as the third generation (after bitcoin as the first and Ethereum the second). In partnership with Dubai internet company GLBrain, the goal is to create an online marketplace with an integrated payment system and social networking.

Among the current projects is a community microgrid pilot in partnership with the energy company Enerclever in Izmir, Turkey, and a 70,000 household electrification supported by the World Bank in Nigeria.

“We see the peer-to-peer market as consumer-driven as it is about the democratisation of energy and cutting out the middle man,” says Jost. "In the future, we expect to see thousands of platforms running.”