A clean energy setup in Nigeria which goes by the name OneWattSolar is introducing a new way by which Nigerians can access power by paying for solar using blockchain tokens. Nigerians will no longer pay for solar system infrastructure that is funded via financial backers.
The vice president of operation and blockchain strategy of the company, Victor Alagbe stated that the purpose is for customer to buy tokens in Nigerian currency with the use of platform of the third party tech finance companies.
He said further that the startup cost is not affordable by many making them to go for generators which can be considered to be uneconomical when the maintenance cost is put into consideration. Also, it enhances openness as one can see how the fund is being utilized.
The tokens utilized were built on well known blockchain platform, Ethereum. The energy usage while on traditional service with the use of fossil fuel is about N70 ($0.19) per Kilowatt. Victor Alagbe also claimed that the Blockchain system is seen to be about 50% less costly than diesel because of the mitigation of costly maintenance expenses of the generator.
OneWattSolar’s system comprises the solar panel and a fitted router that is internet enabled that will gather data automatically on energy usage charged every month on a pay as you go basis. Alagbe added that this will ensure that customers adequately billed according to what they use.
It is also hoped that it alert OneWattSolar in real time regarding any potential problem with the system. The company is aiming at kicking off with 1,000 fully operational systems in January 2019. Alagbe said that 6400 homes that signed up will be put on their waiting list.
He added that the target is to connect one million homes that is not having access to electric supply with solar energy through blockchain by 2025.