Rowan Energy is transforming the landscape of solar energy by reducing payback periods with its innovative SmartMiner device, offering a smarter way for households to harness solar power while achieving faster returns on investments.
By smartly integrating the functions of a traditional smart meter with the innovative capabilities of blockchain technology, the SmartMiner allows homeowners to not only monitor their energy production but also earn tangible rewards through Rowan Energy’s unique cryptocurrency system.
The challenges with solar energy
Traditionally, the widespread adoption of solar energy has been hindered by a combination of high initial costs and lengthy periods required to recover such investments.
Installing solar panels involves a considerable amount of resources, often ranging from a few thousand to tens of thousands of pounds, depending on the size and type of installation.
This substantial financial commitment is primarily due to the cost of the panels themselves, along with additional expenses related to inverters, batteries, installation labor and necessary infrastructure upgrades.
Moreover, the financial feasibility of solar investments has been further complicated by policy shifts such as the reduction or elimination of government subsidies.
These subsidies have historically played a critical role in offsetting the upfront costs of solar systems, making them more accessible to a broader range of households and businesses.
For instance, programs like the feed-in tariff, which has been out of commission since 2019, provided owners of solar systems with payments for the surplus electricity they exported back to the grid.
These cuts have reduced the financial incentives for solar adoption, as the rates paid for surplus solar power have often not kept pace with the rising costs of electricity purchased from the grid.
Rowan Energy’s innovative SmartMiner solution
The Rowan SmartMiner uniquely combines a smart meter with a blockchain validator. Positioned beneath the solar installation, it tracks the energy produced and validates the Rowan Blockchain through a Proof of Generation consensus model.
For every kilowatt-hour (kWh) of energy produced, homeowners earn 10p. This can then be withdrawn straight into their bank accounts. This not only incentivizes the use of home-generated solar energy but also brings down the payback periods of solar installations.
By shifting energy consumption habits, homeowners can maximize their returns. Simple changes like timing the use of appliances to periods of high solar generation can significantly enhance the effectiveness of solar panels. This approach not only increases the financial returns from the solar system but also ensures that the energy used is truly green, countering the prevalent issue of greenwashing in the energy sector.
Financial benefits and enhanced ROI
The SmartMiner dramatically enhances the financial viability of solar installations.
By leveraging blockchain technology, Rowan offers 10p per kWh of electricity generated, directly rewarding homeowners in place of the discontinued traditional credit-based incentives.
This system not only makes solar energy production more lucrative but also aims to shorten the payback period to under five years. A solar panel and battery with a SmartMiner has a payback time of under 10 years, compared to the 15 years with one.
Since its introduction, Rowan Energy has witnessed significant uptake of the SmartMiner. The company’s partnership with ESE Group and HDM has led to the onboarding over 1,600 customers across the UK.
Homeowners have reported an average annual earning of £271 from Rowan Rewards, significantly boosting their income from solar power.
Rowan Energy is also leveraging the data collected to generate blockchain-based carbon credits, which are fraud-proof and backed by the immutability of the blockchain.
These Carbon NFTs represent a novel way for businesses and individuals to offset their carbon footprint while supporting the adoption of renewable energy.
Looking forward
Rowan Energy is not just stopping with residential solar. Plans are underway to extend the SmartMiner technology to other renewable energy sources, ensuring that sustainable energy solutions are not only environmentally friendly but also economically rewarding for everyone involved.
This strategic innovation marks a pivotal step in achieving global sustainability goals, reducing payback periods, and making solar energy a smart financial decision for homeowners across the globe.
About Rowan Energy
Founded in 2018 by David Duckworth, Rowan Energy is pioneering the integration of blockchain technology with renewable energy to create a sustainable, profitable energy future.
With its commitment to reducing carbon footprints and enhancing the profitability of green energy, Rowan Energy is setting new standards in the energy sector.
For more information on Rowan Energy and to explore the SmartMiner, please visit Rowan Energy’s website.
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