There’s good news for Australian solar power system owners interested in the new crypto-currency, SolarCoin.
When we covered SolarCoin previously, it was understood that in order to claim coins (SLR’s), the system owner would need to be in possession of the RECs/STCs (Renewable Energy Certificates/Small-scale Technology Certificates) that accompanied their systems.
In most cases, this shut out owners from receiving SolarCoins as the certificates are usually traded as a point of sale discount when purchasing a solar panel system.
According to a SolarCoin forum moderator; this is no longer the case – and the program is now open to Australian solar owners.
“We encourage solar producers to get involved rapidly, as this will make the program evolve faster. This could only help our solar industry in Australia, as feed-in tariffs and government subsidies are being reduced,” says John Scotese, moderator of SolarCoin forum’s new Australian category.
Solar power system owners can submit proof in the form of scanned copies of power bills/credits that show how much electricity has been generated. 1 megawatt-hour entitles a system owner to 1 SLR. The program is retrospective, meaning system owners can claim SolarCoin for electricity generated since the beginning of 2011; assuming the proper documentation is presented.
As with BitCoin, SolarCoins can be exchanged for goods and services from merchants who accept it. At this early stage, there aren’t many participating merchants; but that is expected to change.
Also like BitCoin, people can “mine” for SolarCoins using computer systems or buy through an exchange. It’s understood SolarCoin’s creators are aiming for a value of USD $20 per SLR.
Currently operating under a pilot program, it costs nothing to claim and receive SLRs. Instructions for redeeming SolarCoins can be viewed here. At this stage, only grid-connected systems are eligible – off-grid system owners are not able to claim.
