A Singapore startup is seeking to connect potential buyers and sellers of solar power directly.
Electrify Pte’s platform lets owners of homes and businesses bid and offer rates for specific amounts of electricity. By selling directly to users rather than the grid, solar owners can get more money for their power, while consumers avoid paying a premium for renewable energy.
The platform underscores how cheap solar, with its ability to be installed just about anywhere with a roof, is challenging the decades-old model of power grids that deliver electricity one way from plants to homes. It’s also allowing smaller players to join massive utilities in profiting from differences in electricity prices.