We’re pleased to announce the exciting launch of the UK’s first energy trading community on social housing at Hackney’s Banister House Solar. The field-trial, delivered in collaboration with Repowering London, will be the first time energy is physically traded in the UK through our blockchain-based peer-to-peer (P2P) energy trading solution – Verv 2.0, with a view to providing cheaper energy to its residents.
Our Verv 2.0 hub will be installed into 40 participating flats in the community to allow residents to share lower cost renewable energy between one another for free, as well as benefit from the other functionality of our hub which provides real-time cost updates per appliance and more.
This further supports the pioneering work of Banister House Solar, the UK’s largest community energy scheme on social housing. The project was launched in 2015 by residents of the Banister House Estate, local energy advocacy group Hackney Energy, and Repowering, a London based social enterprise set up to facilitate community owned energy. With the support of Hackney Council, solar panels were installed on 17 of the blocks of flats that make up Banister House in order to generate clean energy for the community.
Unfortunately, due to the structure of the UK electricity market, residents have been unable to make use of clean renewable energy themselves, meaning the majority of the electricity is exported back to the grid.
By adding Verv 2.0 to flats in the community, alongside individual and communal battery storage provided by partner Powervault, solar energy can be stored and then traded between flats, critically creating fossil free and cheaper energy for all residents.
This project will start early 2018 and run for 12 months at Hackney’s Banister House and we can’t wait to see how it plays out!
Using innovative technology and infrastructures to benefit areas such as social housing whilst driving forward a low carbon economy is at the heart of our mission. And the great thing about it is that this energy trading solution can be added to Verv as you know it via a simple software update, really pushing the boundaries for Verv’s future roadmap.