Energy Usage Tracking and Carbon Credit Calculation
Record energy usage on an immutable ledger with better frequency and automation using IoT devices and STRATO's RESTful APIs. Use smart contracts to automate CO2 impact calculations and tokenize the savings for use in a Carbon Credits Marketplace
Context & Challenges
Expanding environmental legislation such as NYC’s Greater Greener Buildings Act requires buildings to be carbon neutral as soon as 2025.
Most building GHG (greenhouse gas) emissions are created from heat and cooling activities that use antiquated systems, making it impossible to:
- Measure & report (annual) the carbon impact of a building
- Perform proper cost-benefit analysis of building upgrades
- Automate services & monetize carbon credits
By 2029, most NYC building owners will pay fines of $268 per ton of carbon emission in excess of their cap.
Similar fines, caps and costs are now also being implemented in other cities, regions and nations.
While retrofit activity decreases both costs and carbon emissions in the long-run, the upfront cost and effort of these activities can be unclear or intimidating.
- Data Capture Frequency - Energy providers like ConEd are already installing smart meters in building and providing precise energy consumption on a monthly, daily or even hourly basis.
- Emissions Benchmarking - Both the public and private sectors are already using this new data source to build frameworks and tools to store building emissions data - check out the EPA's Energy Star Portfolio Manager Tool and the Energy Scorecard Tool by Bright Power Inc. as a few examples.
- New Data Sources - New IoT devices and control centers are providing more diverse and frequent information that can be aggregated and analyzed.
- Existing Initiatives & Incentives (FIT Programs) - Carbon credit marketplaces and other incentive structures (e.g. tax relief)
Instead of ignoring these initiatives and starting anew, this STRATO solution leverages these initiatives to enhance the solution.
The STRATO energy tracking solution - whether as part of our current project (see below) or an independent initiative - takes advantage of STRATO's enterprise grade features
RESTful APIs for direct connection of IoT devices to the blockchain network
Identity Management, OAuth and SSO capabilities for simplified IoT authorization and user login
Privacy via private chains to keep any competitive/operations data private
Enterprise Data Modeling for integration of existing and future C02 credit calculation models
Current Project Underway
Combined heat & power (CHP) manufacturer GreenWatt is using BlockApps STRATO to build a blockchain-backed energy tracking system.
Launched in February 2020, GreenWatt, BlockApps and partner Optimum are underway with development of the project's first phase.
The ultimate goal of the solution is to build an ecosystem for real-estate managers, energy manufacturers and regulators to:
Precisely track the energy usage of their building systems
Calculate the cost savings of building improvements such as those provided by GreenWatt's innovative co-generator units, with 40+ being installed across the Bronx, NY
Calculate the ecological savings of building improvements and behavioral changes
Convert ecological savings into a tokenized asset (i.e. carbon credit) which can be both exchanged between building mangers AND prove regulatory compliance
Use tokenized asset as an incentive and investment vehicle for creation of new or improved energy management products and services
Despite recent economic shocks, phase one of the project is currently under development with deployment targeted for the end of 2020.
- Create the base network where data from the internet-connected (IoT) co-gen units are securely uploaded to a blockchain ledger
- Automatically estimate the CO2 reduction generated by each co-gen unit using smart contracts
Phase Two & Beyond
- Onboard additional CO2 technologies (e.g. efficient LED lightbulbs) to join the network
- Create the marketplace component and custom functionality specific to CO2 technologies