Smart Meter Based Peer to Peer Transactions for Solar Energy Prosumers

Consumers want more choice in their ability to buy energy which has been produced by alternative sources such as solar power without the interaction of a third party. Meanwhile, the utilities which maintain the grid must know how much power is within their system. A network where energy transactions can be distributed anonymously and reconciled by any member of the network is desired. A smart-meter-based peer-to-peer transaction network for solar prosumer to consumer energy transactions will be developed around a patented, tested smart meter. Many parameters associated with this type of transaction network will be measured or estimated based on test data including: optimum peer to peer transaction and cryptocurrency algorithms, transparency between network members and estimation of scalability. The purpose of Phase I then is to show that this type of smart meter provides critical infrastructure for peer-to-peer energy transactions between solar prosumers and consumers. A market analysis will be performed using these type of transactions and a commercialization plan produced along with transaction costs. Various peer-to-peer transaction and cryptocurrency algorithms will be examined with the goals of optimizing scalability, and ensuring transparency between network members. Decreased connection and transaction time due to the smart meter’s high-bandwidth will be demonstrated as well as the cybersecurity.Load-shifting algorithms will be investigated to determine optimum load-shifting. Demonstrations of connections to various environmental and electrical sensors will be performed. During Phase I the efficacy of the chosen smart meter as a trusted peer-to-peer transaction agent will be demonstrated. Tests of the security, transparency and other required parameters discussed above will be performed. The focus of Phase II will be finalizing smart meter components, optimizing and upgrade software, and developing a commercial prototype.