SolarCoin is a solar electricity rewards program that rewards verified solar electricity producers for generating “green” electricity. Anyone who has solar panels on their home or business (or even commercial solar energy generators) can apply to receive SolarCoin. The purpose of SolarCoin is to help cover the cost of purchasing and installing solar panels and other solar energy systems and therefore promote the expansion of the solar energy industry. The SolarCoin Foundation manages the distribution of SolarCoin (a type of “Proof-of-Work” done) and logs it in their public ledger, a Proof-of-Stake-Time blockchain.
SolarCoin (SLR) is the digital coin, representing 1 mega-watt of generated energy, that solar energy producers get rewarded in and that users can stake on the Proof-of-Stake-Time consensus for a 2% annual interest rate.