OpenSolar is being designed as an open source interoperability network for solar fintech platforms, to share data and trust through integration. Its purpose is to remove data and finance frictions and democratize securitized impact investing in solar energy products.
To the energy finance world “there is more money available than there are projects.” In part, this is due to the cumbersome legal pipeline that developers must navigate from project inception to capitalization. This leaves small and medium scale projects with little access to capital.
Financing solar projects carries a lot of solution & data integration friction. A radical roll-out of solar energy can only occur by simplifying and automatizing these processes. The large capital flows needed for this transition needs to reach these projects directly and efficiently.
The industry lacks a common platform and standard to seamlessly integrate a full array of applications and solutions to remove financial, legal and operational frictions in the lifecycle of a solar project.
OpenSolar is designed as an interoperable network using decentralized identifiers (DIDs) and verifiable credentials (VCs) to share solar project data between platforms.
Platforms integrate into a common API through an integration library and adopt a common data and trust standard so that solar project offtakers
Reduce the amount of resources and time needed to integrate with other partners in the Solar Fintech ecosystem, through a single integration into the Open Solar Network.
Leverages smart contracts, digital currencies and sensors to automate project finance processes and payment flows.
Turn complex project finance legal frameworks into simple templates for replication and scale.
We are extending the initial pilot developed at Yale and MIT to power a community center in Puerto Rico, after hurricane Maria hit the island, exposing a high-carbon energy system vulnerable to climate impacts. This provided the opportunity for piloting a platform which could both offer investments without having to deal with extensive bureaucracy and provide ownership of the system. The pilot project entailed the installation of a 5kW system with InverSol’s Lumen battery and inverter unit. The platform was used as a test case to integrate with the interoperability network and work on common data and trust standards.