P2 Power Reaches 100,000kWh Milestone!
In 2015, P2 Power became one of the world’s first peer to peer electricity retailers. Today, we are proud to announce that the 200 participants in our solar energy exchange pilot have achieved a significant milestone, with 100,000kWh solar energy shared since the programme first launched in April 2016. That’s enough clean, green, local energy to make around five million cups of tea or power over 100 houses for a month.
"P2 Power technologies lets people support each other by buying and selling surplus solar power. We think that consumers shouldn’t have to begrudgingly pay their power bill without understanding what they’re paying for and how it was generated,” says CEO Stu Innes.
P2Power uses SolarShare technology, alongside smart meters, to enable consumers to buy and sell excess solar power within their own community. Innes says that by breaking down the barriers to sharing cleaner, cheaper energy, P2 Power makes solar power a viable option for consumers whose homes are either not suitable for solar panels, or who can’t afford the expense of a solar power installation.
“With more and more people wanting to do their bit to tackle climate change, we believe that the New Zealand electricity market needs to change. P2 Power prioritises local, renewable sources and gives consumers the opportunity to buy local, green power first and grid power only when they need to,” says Innes.
According to Innes, P2 Power offers significantly higher buyback rates for solar owners’ excess energy than traditional retail electricity plans. Non-solar customers can save over 20 percent on energy when surplus solar energy is being generated, paying 14c / unit versus 18c / unit for grid power the rest of the time. During the summer months, P2 Power guarantees seven percent of their customers’ power will be charged at the lower solar rate.
P2 Power is currently available on Auckland’s Vector network. With the success of the initial pilot programme, P2 Power will now launch it in several other regions over the coming months.
“Eventually we would like to see this approach to sharing energy available throughout New Zealand, so all Kiwis can choose to take advantage of community-generated solar power,” says Innes.