SolarCoin was launched in 2014.
SolarCoin is a cryptocurrency, like Bitcoin, but given to generators of electricity from solar. For every MWh of energy, The SolarCoin Foundation gives the generator one SolarCoin (§1).
As opposed to Bitcoin, SolarCoin has a far lower energy footprint. The idea behind SolarCoin is to support the production of solar electricity globally.
There are two purposes behind NDE's decision to accept SolarCoin. The first is that anyone who generates solar electricity may have SolarCoins, and the second is that by accepting SolarCoin, this will help to establish the cryptocurrency and enable the value to stabilise.
NDE's acceptance of SolarCoin follows ACWA Power's recent registration to receive SolarCoins.
The Logic Certification qualification delivered by NDE, which can be paid for with SolarCoin, is a Level 3 Solar PV Installation and Maintenance. This course fulfils part of the requirements for Microgeneration Certification Scheme registration, and is open to qualified electricians only.
Currently, the value of SolarCoin is too low to make a meaningful impact on the economics of solar, but a modest increase from the current value of £0.36 to a value of £50/MWh could have major implications for the economics of solar.
NDE will accept the equivalent in SolarCoins on the day of payment as the cost of the course in GBP. At the time of writing, this means a course will currently cost over a thousand SolarCoins. With future increases in SolarCoin, the cost of the courses in SolarCoins are expected to decrease.
Hayley Corney, the NDE renewable energy training manager said: “At NDE we are always looking to involve ourselves in new developments within the renewable energy industry, and by accepting SolarCoins, this enables us to provide training to the staff of developers who can claim the cryptocurrency.”