SolarShare: P2P energy trading pilot project
SolarShare is Singapore’s first peer to peer (P2P) energy trading platform. It is a pilot project that allows consumers to purchase renewable electricity produced by private solar panel owners, via an online marketplace from across the city. Prosumers with solar panels installed on their rooftops can sell their excess green energy. Consumers can use SolarShare to convert to green energy at competitive prices, supporting their local community.
What is Peer-to-Peer (P2P) energy trading?
P2P energy trading allows electricity producers with rooftop solar PV systems, to directly sell the excess electricity they produce to other local consumers across the electricity network.
P2P energy trading models usually comprise 4 components:
- prosumers (individuals who own the means to produce renewable energy, such as solar panels, who both produce and consume energy),
- an energy grid,
- a secure platform to facilitate transactions.
According to the company, peer-to-peer energy trading promises a better model towards renewable electricity. It is cutting out the Middle Men, promises increased Transparency and Democratised Access to Renewables and is Economically Sustainable.
SolarShare Innovative Platform
SolarShare has been developed in collaboration with Senoko Energy and ENGIE Factory to showcase the commercial viability of P2P energy trading. Through the platform, energy can be traded across Singapore’s main power grid between prosumers and consumers, where participants can monitor their energy flow and choose their preferred green energy supplier. Private owners of solar panels list their energy offerings at their preferred rates on SolarShare, which automatically matches them to prospective customers. SolarShare enables matching of near real-time energy generation and energy usage, tracked using smart meters.
The pilot is targeting 100 participants comprising consumers wishing to power their households and businesses with renewable energy, as well as private houses and commercial properties with installed solar panels to generate electricity. Electrify has forecasted US$60m worth of solar energy to be transacted across major Southeast Asian markets by 2023, a significant increase from US$2.6m next year. Through collaborations with regulators and key industry players, Electrify aims to capture approximately 30 per cent of the regional renewable energy market with Synergy.
“Electrify’s vision is to foster a dynamic energy ecosystem using technology as an enabler. In doing so, we aim to contribute to a more sustainable energy landscape for Singapore and the rest of the world” said Martin Lim, CEO of Electrify.
You can find the platform here.