Renewable Energy Tracking and Exchange Platform
The renewable energy resources are to be used judicially with responsibilty and the producers of it are to be kept track of their production such that their carbon footprints can be accounted. Here is a need for scalability of Micro Renewable Energy Certificates (Micro RECs) at the small prosumer level. The current renewable energy ecosystem lacks an efficient mechanism to recognise and reward prosumers at the micro-scale, such as solar rooftop owners, for their contribution to clean energy generation. As a result, these prosumers are unable to monetise their surplus energy effectively, leading to untapped potential and a missed opportunity for sustainable growth. Additionally, the absence of a standardized verification system poses challenges in ensuring transparency and trust in renewable energy transactions. This calls for a solution that addresses these issues and empowers prosumers to fully participate in the renewable energy market.
A de-centralised application powered by POLYGON Platform will offer a comprehensive and user-friendly solution for Renewable Energy producers and buyers to issue, track, and trade Renewable Energy resources and issuance of Alternative- Granular, Micro Renewable Energy Certificates (Alt-RECs). The purpose of the Idea is to contribute towards Sustainability and Renewable Energy Transition. RETEX ensures transparency, immutability, and efficiency in the renewable energy market.
- Utilizing blockchain technology in the context of renewable energy and the following are the benefits
- Scalability
- Security
- Transparency
- Decentralization
- Efficiency and Automation
- Enhanced Trust and Credibility
- Immutable Records
- Real-time Monitoring and Reporting
- Efficient Trading and Settlement
- Polygon leverages the following advantages
- Higher Throughput
- Low-Cost Transactions
- Better Development Options
- Provides Layer-2 Scaling Solutions
The RETEX solution approach leverages the ethereum blockchain to streamline the process of issuance and verifying renewable energy and issuance of certificates (RECs). By implementing smart contracts on the blockchain, ReTEX ensures accuracy, efficiency, and transparency throughout the entire lifecycle of RECs. Here's how it works:
By leveraging smart contracts and blockchain technology, ReTEX revolutionises the process of Renewable Energy resources monitoring and verification, providing a streamlined, accurate, and transparent solution for the renewable energy market.The user is able to buy and sell the surplus renewable Energy resources maintaing a **DISTRIBUTED LEDGER, which is a inherent property of Blockchain.
- Affordable and Clean Resources
- Sustainable Cities and Communities
- Responsible Consumption and Production * Climate Action