Peer to peer energy trading reduces bills businesses by up to 90%

Companies at a industrial park in West Suffolk have managed to reduce their energy bills from 20% to a massive 90% thanks to peer-to-peer energy trading.

The way it works is it allows trading amongst individuals and businesses to directly buy and sell electricity.

West Suffolk Council has proactively invested in renewable energy infrastructure and with the help of Manchester based tech company UrbanChain they have created a local green energy network that permits the connected businesses to trade what they generate.

With the help of West Suffolk Council they have invested in 272 kW’s of solar PV on ten commercial buildings within the industrial estate and linked to a nearby 10 MW solar farm as well.

Using UrbanChain’s peer-to-peer energy exchange, the council’s renewable generators have seen returns at least 35% higher than market rates.

Andy Oswald, who manages West Suffolk Council’s energy generation, said: “It’s a great result that we are powering our own estate using UrbanChain’s peer-to-peer network. Our partners are consuming 100% locally generated renewable electricity.”