You wouldn’t normally associate a crypto platform with solar energy but in an Australian first, crypto company Powerledger and developer OP Properties have partnered to form of a renewable energy partnership. The aim of the partnership is to reduce our energy footprint with Powerledger used to power an OP Property apartment complex.
An Australian First – Combining a Crypto/Energy Trading Platform with Solar Power
Montreal Commons Fremantle Display Suite a five story, 39 apartment complex in Fremantle, Western Australia will be one of the first ever carbon-neutral apartment buildings in Australia. The project is set to become a global benchmark for sustainable apartment design. Powerledger and OP Properties have paired up in what is an innovative renewable energy partnership that will enable residents of the apartments to save 50% on their annual strata levies.
The complex will utilise developer-funded 75 kw solar rooftop PVs and local battery storage, powered with 100% green renewable energy from the grid through local electricity provider Change Energy. The apartment complex will use Powerledger’s platform to produce about 240 tonnes less of carbon emissions per year. This is equivalent to taking fifty cars off the road. Your typical apartment building produces double the amount of carbon emissions.
Crypto Technology Powering Australian Apartments
Powerledger’s technology will allow Freemantle’s Montreal Commons Apartment Complex residents to sell excess solar electricity they generate back to a 670 KWh on-site battery. During times of peak demand they can then buy back electricity as required, from the on-site battery at an agreed price. OP Properties Co-Founding Director Luke Parker said OP Properties will cover the full cost of installing the rooftop solar system. This will ensure that there is no debt or pay-back period for apartment residents. This means that full benefits and ownership of the system are then handed over to the future strata company rather than individual apartment residents.
What is a Powerledger?
Powerledger is an energy trading platform that allows buyers and sellers to trade energy directly with one another. There is no middle man – a power company. Australia’s Powerledger was founded in May 2016, as a result of the global energy technology revolution. Since then it has grown and expanded as a flexible energy trading platform which households, organisations and even the grid itself can use to trade with each other. When it comes to the platform being implemented in an apartment building, this is a world first so Australia is essentially a bit of a guinea pig for the rest of the world.
Powerledger’s Energy Trading Solution for Australians
Powerleger’s energy trading solution is being seen by many as the answer or at least a viable answer to rising electricity costs in Australia and the need for a cleaner energy source. Parker has said, “ Powerledger’s energy trading solution is holistic and allows us to offer our residents a forward-thinking energy platform that will meet their needs now and in the future.” He has further added that the combination of solar technology, Powerleger’s trading platform, and unique strata ownership model will enable savings in electricity costs which are passed on to apartment residents through on ongoing 50% reduction in annual strata levies. It will be interesting to see how many other apartment complexes both in Australia and globally take up the Freemantle apartment model.
