Blockchain technologies have been gaining notability due to the recent cryptocurrency hype. However, the same peer-to-peer networking technology that enables cryptocurrencies, like Bitcoin, provides a model for application across industries beyond finance; for example, the energy sector. New developments have seen blockchain technologies as a disruptive force for grid management. What could this mean for the solar industry?
Energy is an expensive commodity. Electricity rates have risen steadily over the last two decades in both the residential and commercial sectors. And a comparison of electricity rates from June 2017 to the same period last year shows a price increase in every region of the United States for all sectors.
On Wednesday night, the Department of Energy released its highly anticipated and debated grid study. Back in April 2017, Energy Secretary Rick Perry issued a memorandum requesting a study to examine electricity markets and grid reliability. Beyond an evaluation of the current status of the electricity system, the April 14 memo asked staff to “provide concrete policy recommendations and solutions.” To that end, DOE staff prepared a list of eight policy recommendations. Let’s break them down: