We’ve all heard of Bitcoins in recent times, but now another digital currency is looking to make its way into mainstream popularity by helping promote the use of solar energy.

SolarCoin aims to reduce the burning of fossil fuels by using a financial incentive that encourages people to produce more solar electricity.

By generating electricity from a solar PV panel back to the grid and submitting proof in the form of a 3rd party verified meter reading, consumers can earn SolarCoins. One SolarCoin will be received per Megawatt Hour.

Each MWh of renewable electricity displaces more than 1,500 lbs of carbon dioxide that would have been released by burning fossil fuels like natural gas and coal. So it is a great initiative to get more people actively using cleaner energy.

SolarCoin Foundation spokesman Nick Gogerty has a target value of $20-$30 USD for 1 SolarCoin. And while they are currently worth nothing (as was the case with Bitcoins when first launched) if people start using the currency to support solar energy, it should acquire value.

The program is now open to Australian solar owners (currently in the pilot stage), and with feed-in-tarrifs being reduced across the country, SolarCoin could be a great additional way to be financially rewarded for embracing renewable energy.

More info can be found at: http://solarcoin.org/faq-frequently-asked-questions/