Today’s Solutions: October 17, 2021

One of the benefits of a decentralized energy system – where energy is provided by multiple, local suppliers – is that it can offer more competitive prices compared to the traditional, centralized grid. And in the case of solar power, people with solar panels on their rooftops can sell their excess energy at a price that benefits both them and the buyers, a perk that can potentially encourage more people to turn to renewable energy.

To smooth out the transition towards more decentralized energy, Singapore startup Electrify Pte is seeking to connect potential buyers and sellers of solar power directly.

The company’s platform lets owners of homes and businesses bid and offer rates for specific amounts of electricity. By selling directly to consumers rather than the grid, solar owners can get more money for their power, while consumers avoid paying a premium for renewable energy.

Through the initiative, the company showcases how cheap solar, with its ability to be installed just about anywhere with a roof, is challenging the decades-old model of power grids that deliver electricity one way from plants to homes. It’s also allowing smaller players to join massive utilities in profiting from differences in electricity prices.

According to Electrify’s CEO Martin Lim, the startup’s peer-to-peer marketplace can benefit both those with solar roofs as well as people and businesses who want to support green energy.

The company is currently testing the platform with a one-year pilot program in Singapore involving 100 people and businesses.

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