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Jan 30 2018
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SolarCoin, an Energy Cyptocoin with a Bright Future

By Buy Solar Panels No Comments

Everyone can admit that 2017 was a wild year for cryptocurrencies. Sure, Bitcoin popularity skyrocketed, but so did many altcoins as well, such as Litecoin, Ripple, and Ethereum. Although many questions the utility of thousands of coins on the market, there is one less known coin that may have a very bright future.

This coin is SolarCoin.

What is SolarCoin?

According to its website, “SolarCoin is an alternative digital currency that works like air-miles for Solar electricity generation.” It is an easily adopted incentive for more people to go solar. Ok, sounds simple enough…but what is it really?

SolarCoin was introduced in 2014 by a team of volunteers who believe that solar energy is a key part of securing a healthy future for the planet. This group of people eventually founded the volunteer-run SolarCoin foundation and published this proposal, which introduced SolarCoin to the public.

According to SolarCoin’s website, as of January 30th, 2018, over 3.6 million SolarCoins have been granted in 54 countries.

How does it work?

People earn SolarCoin for going solar!

Here’s how:

  1. For every 1 Mwh of energy generated, the individual receives one SolarCoin.
  2. Additionally, anyone can invest in SolarCoin on any cryptocurrency exchange, which gives it similar attributes to Bitcoin.
  3. Still, the only way to receive SolarCoin for free is to go solar yourself and produce solar energy. This makes sense, as its purpose is to spread the adoption of solar energy being produced. This is akin to the idea of “mining” cryptocurrency. In this instance, you are “mining” energy.

How is SolarCoin different from Bitcoin?

On a foundational level, these two cryptocurrencies are very different, but they do share some similarities, namely, in that they are both cryptocurrencies.

The goal for each cryptocurrency, however, is entirely different. Bitcoin is aiming to create a decentralized currency for the world to use. Bitcoin is engineered to be a means of value. SolarCoin, on the other hand, has the goal of increasing the adoption of solar panels across the world through the incentive of the coins themselves.

When someone receives a SolarCoin and wants to make it liquid, they can then convert SolarCoin to Bitcoin, and either use that as a currency or convert that Bitcoin into dollars, euros, etc. Do note that SolarCoin CAN be used as an investment vehicle for people wanting to make a profit, but it is not intended for that use.

The implications of SolarCoin

SolarCoin alone is a really interesting project. In terms of cryptocurrencies, it’s flying under the radar at #222 in terms of total market cap and has a value of around $2.00 as of January 2018. Most people in the world haven’t heard of SolarCoin, either. Still, what is interesting about SolarCoin is that it serves a true purpose, and has a clear direction in mind.

When looking at the top 30 cryptocurrencies, it is very common to see ones that do not have much, if any, utility value. It almost seems like the creators launched these coins with the hope to get rich… and that is it. These are not the types of coins that will last over the coming years.

SolarCoin, although small, has defined their purpose and has latched itself onto a quickly growing industry. Although the risk for SolarCoin is high, as both cryptocurrency and solar are upcoming industries, the potential for it to stand the test of time is promising, due to its clear utility.

How can I start earning SolarCoin?

If you own a solar system, you can start “mining” SolarCoin by:

  1. First, you are going to need a place to store your SolarCoin, so you will need to use a wallet. Download the wallet onto your computer.
  2. You will then need to register your facility.
  3. Once you are recognized in the network, you will be able to receive SolarCoin!

See more details about earning SolarCoin on their FAQ section.

SolarCoin has a bright future

SolarCoin is a step in the right direction for both the solar community and the cryptocurrency community. It is a forward-thinking solution that can help spread the adoption of solar, and it is doing so in a very early market space that is only going to mature.

No one can predict the future of cryptocurrencies, but our bet is that Solarcoin is here to stay and that SolarCoin and similar energy crypto coins will have a large impact on the adoption of solar across the world.

DISCLAIMER: This article by Solar.com has been published for informational purposes only. Cryptocurrency projects listed on Solar.com are not intended to, and should not be assumed to, act as a recommendation of any of them. Solar.com does not provide investment, financial or legal advice. This site cannot substitute for professional advice and independent factual verification.

Jan 25 2018
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How Multiple Solar Quotes Saves Money

By Solar Panel Cost Calculator No Comments

Mama said shop around, and National Renewable Energy Laboratory agrees.

In a recent study, the National Renewable Energy Laboratory (NREL) found that people interested in switching to solar energy could “benefit from obtaining more quotes before making a decision.”

In general, smart buyers do comparison shopping before they buy cars and plane tickets. You can’t afford to be hasty, especially with a big purchase like the best rooftop solar panels and installation.

NREL’s report says that savings might not come from where you’d expect. Here’s what they found.

1. Big Solar Companies Might Not Be the Best for Your Wallet  

Larger solar installers, companies that install 1,000 or more systems every year, might not give the cheaper quote. This is counter to what we see in most industries, where bigger companies can offer lower prices. They typically do this by buying product in bulk and selling it for less, while still making a profit.

However, it’s different with the cost of solar panel companies and installers.

  • Larger installers might have more market power, so they don’t have to be as price-competitive. People might go with a more recognizable brand simply because it’s familiar.
  • Larger installers might have more overhead costs like customer acquisition and marketing than smaller/more local installers, who rely on word-of-mouth and customer referrals.

Sometimes, going with your local solar panel installers will be less expensive than going with that shiny, well-branded solar company.

In fact, NREL found that large companies were 10 percent more expensive on average. The difference between larger companies (installing 1,000+ solar panel systems a year) and non-large companies (installing fewer than 1,000 a year) is about $0.33/Watt.

NREL Quote Price Distributions Figure

Figure ES-1 in NREL’s April 2017 study finds non-large installers are $0.33/Watt less on average than large installers.

2. Solar Panel Installation Cost Might Not Be the Bottom Line

So why not go with the cheapest option?

  • Larger installers might be able to offer other things, such as longer warranties and inverter updates.
  • Larger installers might also make customers feel more secure. A larger company might seem less likely to go out of business before any warranties expire. Learn more about solar company bankaiblity in our previous post! 

Find out various factors contributing to your total solar installation cost.

3. Top Solar Companies Vying for Your Business Is Better for Your Budget

Smaller installers might be able to offer more competitive pricing, depending on your location and the current market. They might even be able to offer those other incentives that bigger companies do, too. You won’t know if you don’t ask.

  • Getting multiple quotes to consider your unique situation is the best way to ensure you’re getting the best solar panel cost and installation.

The more you know, the better able you are to make an informed decision.

4. The Best Solar Companies Make Solar Better for Everyone

One major takeaway from the report was that more price transparency and competition in the solar market is a good way to promote lower prices overall.

“Third-party quote platforms that connect customers with more installers could create competitive pressure for lower quotes from all installers.”

 

Solar.com is one such third-party platform. You can get multiple quotes today from multiple solar companies, both large and small, to make sure you’re getting the best price for exactly what you need in a solar system.

Plus, we don’t share your contact information with any of the solar companies who provide quotes – only to the single company you decide to pick. We respect your privacy and your ability to make the best decision for your home, at your own pace.

Reach out to one of our knowledgeable solar experts today to get started.