Take A Quick Review On How The Sun Exchange Funding Solar Installations Is Tied To Bitcoin?
How are the sun socked places winning on the Sun Exchange? The cryptocurrency for every sunray.
The First Step Ahead
Talking about solar power it is a fact that solar power could transform small communities around the world whereas the remote villages can’t always scrape together the thousands of dollars required to install the requisite cells. Here is the chance of the Sun Exchange to change that by leveraging the heart and the wallets of hobby-investors covering the installation costs and have their share of the revenue trickle for years to come. There is also a cryptocurrency that is developed around this context.
As explained onstage at Disrupt Berlin, the whole thing works like this. Firstly the Sun Exchange and the partners who are solar companies in various sun-drenched locations around the world locate those projects where a small installation that is less than a megawatt makes a big impact, for instance, rural clinics or villages with inconsistent power.
While it is planned and priced out, the installation and the info are put online at a dedicated page where at that point people can purchase a good number of these solar cells were in the facility that comes from a few bucks worth to a major investment. As the costs are covered once, the array is constructed for usage fees like any utility and investors get a part of the fee proportionate to their ownership of the array. It is certainly ownership as the FAQ reads that you are the proud owner of some solar cells soaking up glorious African sunshine and the sun exchange handles the leasing and fee collection along with insurance and the paperwork.
It’s a win-win situation ideally where the local community gets reliable cheap power and a steady if the small source of income essentially coming straight from the sun. The founder Abraham Cambridge had started working on the business years ago whereby raising a little money on Indiegogo building a prototype with it in early 2016. He began making it into the real business after he got a bit of angel money from BoostVC as a $1.6 million seed round announced to keep the lights on.
The Process Underway
According to him, the main goal is to make sure the deal looks attractive enough to encourage customers to take money out of existing investments backing fossil fuels and be put into solar energy as it is up to the investor to decide whether it’s a worthwhile investment.
It comes with the feel-good factor that can’t be, missed as investments might otherwise never have been made as Cambridge pointed out that they’re well below the megawatt-scale established power companies preferring to deploy. With decentralizing ownership which is not just a good idea, it is possible right now through small deployments of renewables with manageable costs.
While it is a fact that the cryptocurrency side of things isn’t a gimmick, it is surely a way to move small amounts of the capital were the US to South Africa wherein without fiddling about too much with exchanges and bank fees. There is a possibility where you can do traditional currency exchange to pay in rand or another local currency as that means your returns are in that currency as well and you’ll have to convert back if you want to get paid. To make simple purchases, using Bitcoin can certainly become more complicated than they need to be as for a good size international money transfer it is surely a pretty nice instrument.
Then there’s SolarCoin which is another cryptocurrency which is awarded to you as a solar power operator for every megawatt-hour of juice your cells generate. Not particularly valuable, but they do add up currently around 50 cents per coin. As Cambridge has been refining things as well as smoothing out obstacles, ever since the idea struck him, saying more than anything the interest shown by users has vindicated the model.
He says that he spent the first year of business mapping out obstacles as the model being run with is pretty resilient asking on how he had improved things compared with the early stages. The stronger the people signing up and using the service he proves wrong the naysayers who as aid that no one would want to buy solar panels in this way and that Bitcoin was a fad.
Owing to the skyrocketing price of Bitcoin, it has also led to larger-than-expected transaction fees meaning he’s had to adjust the funding process a bit whereas Cambridge is confident that will work itself out. The site and the service are live meanwhile as are the initial successful installations as you’d like to bring a little light into someone’s life and maybe make a buck off it, you can certainly signup the Sun Exchange now.