A Market Place Solution for Energy Transaction on Ethereum Blockchain

Abstract

In the recent decade, self-consumption and local renewable energy communities are growing, especially in California, North Carolina, Arizona and Nevada. In these communities, approximately twenty percent of electricity comes from solar generation. However, what happens if a household generates more than what they consume? In most cases, the excess energy would go back to the grid with little to no compensation given by the energy utility. In today's market, there are countless homeowners who would like to profit from their own PV system. Unfortunately, there is no energy marketplace that would allow homeowners to sell or purchase energy to and from their neighbors. Luckily with blockchain, this idea becomes a reality. With the use of distributed ledger technology, it is possible to perform energy transactions in near-real time from a prosumer to consumer without the need of a central authority. Our thesis suggests ways to handle the facilitation of energy transactions using an Ethereum blockchain system in an effortless and efficient way.