We’re pleased to announce the launch of the UK’s first energy trading community at Hackney’s Banister House estate. 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, providing cheaper energy to its residents.
Verv 2.0, our small smart home 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 functionality of home energy assistant Verv which provides real-time cost updates per appliance and safety alerts if appliances are left on.
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.
However, there are limitations associated with solar energy; for example, the limited periods of sunshine in winter which makes it difficult to fully meet residents’ needs, or the underutilised excess energy produced during the summer which can amount to a staggering 70% per household (Eurobat report 2016).
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.
Our project has received a grant worth over 100k from the government to help support Ofgem’s research into blockchain. The project will also be supported by UCL Energy Institute’s LoLo CDT in Energy Demand.
We are on a mission to give the consumer control of their energy and the Banister House project is a fantastic opportunity to bring to life just how much this P2P infrastructure can benefit areas such as social housing.
As a company our goal is to eradicate fuel poverty and by partnering with Repowering to put Verv 2.0 into Banister House to enable the sharing of clean energy at affordable prices, we are moving one step closer towards making that happen. The fact that we will be physically trading energy for the first time is a very exciting prospect.
The project, which begins early next year will run for 12 months at Banister House, Hackney.
This follows our £215k grant from BEIS’ Energy Entrepreneur’s fund to simulate our Verv 2.0 solution across the UK.