Renewable Energy Accessibility is Within Reach
Renewable energy isn’t just a pie-in-the-sky fantasy anymore; the industry is fundamentally changing, and there is no stopping it.
Although 80% of all electricity is still produced either by fossil or nuclear fuels, we live in a moment in time that is on the cusp of attaining independence from perishable sources of energy. Solar panel and wind turbine technology has evolved to the point of being financially feasible to build and maintain, with global developers seizing the opportunity to capitalize on the intellectual and cultural climate of today’s market. In the US alone, renewable energy projects have made up 62% of new capacity additions over the past five years.
However, the fact remains that since the 1950s, from generation to consumption, the electricity grid infrastructure has remained largely unchanged and for the most part, it continues to be a centralized and strictly regulated industry; more than 80% of all renewable energy installed capacity in the US is owned and operated by large corporations, big utilities, or some form of state/provincial ownership.
Even so, with an annual usage of approximately 4,200 terawatt hours, renewable energy currently accounts for less than 16% of produced electricity. Over 1/2 of North American households are not positioned or equipped to participate in renewable energy production, with individual consumers having limited options to invest due to regulations by their utilities, local and state laws, or physical living conditions (e.g. people living in condos or apartment buildings and/or in shaded areas).
If this sounds familiar, you are far from alone — less than 5% of renewable energy in North America is owned by individuals, meaning there is a sizeable roadblock to accessibility. In comparison, several European countries have championed cooperative energy initiatives, which grant more power to the individual investor, allowing for a smoother adoption of community-owned energy schemes. As an example, Denmark requires developers to give local residents priority when financing a community energy project, resulting in 70–80% of all renewable energy being owned by individuals or communities.
The Future Of Renewable Energy
So, how do we solve this massive discrepancy of green energy ownership in North America? How can we make sustainable energy accessible to everyone?
My co-founder, Tony Zheng, and I had a vision of allowing individuals and communities to directly invest in and crowd-fund energy projects, as well as trade energy in a free market system at all scales. We set out on a mission to build a platform that would transform energy consumption and production by fast-tracking the development of renewable energy projects using the inherent advantages of Ethereum-based blockchain technology.
We named that platform “XiWATT” and today we are sharing our vision with you.
What Is XiWATT?
Primarily, XiWATT is a project management and energy marketplace platform that facilitates the creation of green energy projects — from idea conception and funding, to resource mobilization, infrastructure development, and energy sale/distribution. It will enable individuals and communities to retain full control of their energy production, dictating how it is used and to whom it is sold to.
Typically, community-led green energy projects take upwards of 3 years to complete (and that is if everything goes well). For many, the risk associated with this expensive and extensive process becomes an insurmountable barrier to entry into the green energy market. To address this, XiWATT will connect communities (property owners, tenants, neighbourhoods, municipalities, etc.) with relevant resource providers that will assist in organizing and expediting the development of green energy projects.
Our goal is to deliver a full-service procedural platform that is trusted by both investors and developers. All projects will be steered through a thoroughly controlled system by actuating checks and balances for transparent accountability. In doing so, the XiWATT platform will impart unprecedented legitimacy to the crowd-funding process.
As we get closer and closer to realizing our vision, we encourage you to visit our homepage, read our white paper to learn more about the platform, and join our Telegram group for updates and insightful discussion.
Thank you for your support! We welcome your thoughts and feedback at contact@xiwatt.io.
If you are interested in what we are trying to achieve, please share this post.
Resources
1. https://www.eia.gov/tools/faqs/faq.php?id=427&t=3
2. http://www.bcse.org/wp-content/uploads/BCSE_2017_Sustainable_Energy_in_America_Factbook_Infrastructure_Related_Data_Sets.pdf
3. https://energy.gov/oe/information-center/educational-resources/electricity-101
4. https://www.eia.gov/totalenergy/data/monthly/pdf/sec1_5.pdf
5. https://www.nrel.gov/docs/fy16osti/65298.pdf
6. http://www.renewableenergyworld.com/ugc/articles/2017/01/04/beyond-sharing-report–part-1-benefits-of-communityowned-renewable-energy.html
7. https://www.cleanenergywire.org/factsheets/citizens-participation-energiewende
8. http://climatepolicyinfohub.eu/community-energy-projects-europes-pioneering-task
