Current energy markets are highly inefficient. Particularly in Texas, where Grid Plus was founded, the biggest inefficiencies are through the retailers, or utility companies. These retailers are not responsible for creating energy nor for maintaining the grid, and yet have nearly a 100% markup on the energy purchased through them.
Grid Plus plans to change that, by using the Ethereum blockchain to allow consumers to pay for electricity in real-time. This means that paying consumers wont have to subsidize the bills of individuals who don’t pay, much of the administrative costs of traditional retailers can be eliminated, and energy sold to consumers for a lower cost–saving the average consumer an estimated 35-40%. Pre-paying with fiat or credit cards allows digital tokens to be sent to the consumer agent, who will facilitate the paying of energy in real-time.
This system also will allow people to purchase solar panels and put energy back into the grid. Ultimately, they hope to incentivize peer-to-peer transactions, and the creation of local grids.
For more information, visit www.gridplus.io.