USA Solar Networks, a subsidiary of Solar Integrated Roofing Corp, announced this Tuesday it has partnered with the Founders of RxSeed Coin; a cryptocurrency coin asset listed on the Stellar Exchange, to develop a cryptocurrency funding solution for humanitarian commercial solar projects.
Firstly, RxSeed Coin is a highly humanitarian platform. It utilizes the Bitcoin model to create crowdfunding solutions for the purpose of raising money for the funding of commercial, humanitarian-based projects. Such projects would be schools, churches, and disenfranchised communities.
Moreover, the company raises capital through a fund and develops one commercial building per one million raised. This process can be repeated continuously to accommodate both the funding needed for projects and public interest in investing in the fund.
As a result, the host of the commercial entity will sign a 20-25 year power purchase agreement that will pay the coin holders a consistent revenue stream for the power that is generated by the solar system installed by USA Solar Networks.
Furthermore, under the terms of the agreement, USA Solar Networks will receive long-term revenues from the host of the commercial entity paying for the power generated from the system. The target is a gross profit margin of 15%, or $150,000 per $1.0 million of the commercial project.
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USA Solar Networks to provide crypto miners with sustainable power solutions
In addition, USA Solar Networks will retain all federal tax credits, any state or utility subsidies, and additional tax benefits, such as bonus depreciation of the system. On the other hand, the partnership will also seek to offer energy solutions to cryptocurrency miners to reduce electricity costs through solar installations, leveraging relationships of the RxSeed Coin Founders.
About the relevance of the partnership, Pablo Diaz, CEO of USA Solar Networks, an SIRC company, said. “This represents a unique opportunity to develop a cryptocurrency funding solution for humanitarian projects that may otherwise have been impossible.”
He also remarked. “RxSeed will offer us solar projects at no acquisition cost, and the project will demonstrate our commitment to delivering solar solutions to underserved communities.” He also said that, according to the Cambridge Center for Alternative Finance, cryptocurrency mining consumes about 110 Terawatt Hours per year or 0.55% of global electricity production.
Consequently, the agreement will offer miners a sustainable energy source for their needs. Finally, he underlined. “RxSeed enables us to engage in revenue-producing humanitarian and cryptocurrency opportunities that are good for the planet and its people.”
