Solar Industry
What happens when solar infrastructure becomes a coordination game rather than a utility monopoly?
Traditional Players
Who controls the current solar value chain?
| Player | Purpose | Business Model | Market Position |
|---|---|---|---|
| First Solar | Utility-scale panel manufacturing | Sell panels to large projects | $4.1B revenue, strong order backlog |
| Enphase | Microinverter technology | Hardware + monitoring services | Market share dropped 55% → 47% in 2024 |
| SolarEdge | DC-optimized inverter systems | Inverters + cloud monitoring | Goldman upgrade, expanding to storage |
| Sunrun | Residential solar-as-a-service | Leases & PPAs (~70% market share) | Growing share despite market downturn |
| NextEra Energy | Utility-scale renewable generation | Own and operate solar farms | Largest renewable energy producer |
| Tesla Energy | Integrated solar + storage | Powerwall + Solar Roof | Bundled with EV ecosystem |
The Problem
Traditional solar operates on centralized models: utilities control pricing, carbon credits lack verification, and capital deployment is slow and geographically constrained.
DePIN Players
Who's building the decentralized alternative?
| Player | Focus | Token | Network Size | Revenue (2024) |
|---|---|---|---|---|
| Glow Protocol | Industrial solar farms | GLW/GCC | 70 farms (CA to India) | $25M ARR |
| Daylight Energy | Consumer energy rewards | — | 400% MoM user growth | Pre-revenue |
| Starpower | DER coordination network | — | 13,000+ devices | Building |
| Srcful | Grid edge intelligence | SRCFUL | Nordic focus | Early stage |
| React Protocol | Virtual power plants | REACT | North America | Building |
The Glow Model
Glow demonstrates the DePIN flywheel:
- Recursive subsidy — 100% of electricity revenue returns to protocol
- Capital amplification — Each $1 invested generates ~$20 of infrastructure
- Additionality focus — Only new construction qualifies for rewards
- Geographic arbitrage — Capital flows to optimal locations (India: 1/5 US cost)
Whoever optimizes best gets everyone else's revenue too.
Ecosystem Comparison
How do traditional and DePIN models differ across the value chain?
| Function | Traditional | DePIN | Opportunity |
|---|---|---|---|
| Financing | Bank loans, PPAs | Token-incentivized deployment | Faster capital, global access |
| Verification | Manual audits, self-reported | IoT sensors + satellite + on-chain | Real-time, trustless |
| Carbon Credits | Opaque registries | Tokenized (e.g., GCC) | Additionality proof |
| Revenue Distribution | Utility → Owner | Protocol → Most efficient nodes | Competitive optimization |
| Geographic Scope | Local utility territories | Global capital allocation | Best ROI wins |
| Grid Services | Utility-controlled | Smart contract dispatch | Demand response tokens |
Business Models
| Model | Description | DePIN Example |
|---|---|---|
| Build-Own-Operate | Own infrastructure for long-term yield | Glow farm operators |
| Carbon Credit Sales | Monetize verified emissions reduction | Glow Carbon Credits (GCC) |
| Equipment DePIN | Contribute hardware to earn tokens | Starpower DER network |
| Demand Response | Get paid for grid flexibility | React virtual power plants |
| Energy Trading | P2P electricity markets | Daylight consumer rewards |
| Data Monetization | Sell grid intelligence | Srcful edge analytics |
DePIN Opportunities
Themes across solar infrastructure:
| Theme | Description | Players Affected |
|---|---|---|
| Verification | Proving generation, additionality, carbon impact | All—trust is the core problem |
| Oracles | Weather, grid demand, carbon intensity data | Farm operators, traders |
| Physical Assets | Solar panels, inverters, batteries, meters | Equipment DePINs |
| Tokenized Revenue | Fractional ownership of energy output | Investors, farm operators |
| Automated Dispatch | Smart contract grid coordination | Virtual power plants |
Metrics
How do you evaluate a solar DePIN project?
| Metric | Glow Benchmark | Why It Matters |
|---|---|---|
| Protocol Revenue | $25M ARR | Sustainability |
| Growth Rate | 80% MoM (beta) | Traction |
| Capital Multiplier | 20x recursive | Efficiency |
| Network Size | 70 farms | Scale |
| Claim Legitimacy | >85% target | Trust |
| CO2 Avoided | 300K tonnes lifetime | Impact |
See Energy KPIs for the full metrics framework.
Context
- Energy Industry — The bigger picture
- Energy KPIs — Metrics that matter
- DePIN — Decentralized Physical Infrastructure
- Tokenization — Making assets programmable
- Matrix Thinking — See the whole system
The Question
If carbon credits only matter when they're verified, and verification only scales when it's automated, who builds the infrastructure that makes trust obsolete?
Are you willing to put your money where your mouth is?