GoSolr, a rapidly growing South African company, is making a big bet on solar energy. Backed by billionaire Patrice Motsepe and Standard Bank, the continent’s biggest bank, GoSolr plans to invest R10 billion over four years to revolutionize how homes access electricity.
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Their innovative solution? A solar panel and battery rental model. This subscription service offers a more affordable alternative to traditional upfront purchase or expensive rent-to-buy options. With this method, GoSolr aims to empower South Africans to take control of their energy needs and save money, especially in the face of rising electricity costs and frequent power cuts.
Founded just two and a half years ago, GoSolr is already the leading solar panel rental company in South Africa. They have ambitious plans to expand their reach significantly. Their goal? To install a staggering 500MW of solar-generation capacity within the next four years – a massive increase from their current 70MW.
South Africa suffers from a long-standing energy crisis, characterized by power cuts (load shedding) and rising electricity prices. GoSolar sees solar energy as a key part of the solution. Andrew Middleton, GoSolr’s CEO, believes that GoSolr, along with other solar companies, can play a crucial role in ending this crisis.
While South Africa boasts some of the world’s best solar potential, only a tiny fraction of households (0.7%) currently utilize solar technology. GoSolr recognizes the affordability barrier and is actively working on solutions. They are targeting middle-income households (earning over R360,000/year) with their current subscription plans. However, Middleton acknowledges the need for more affordable options and is exploring ways to reach less affluent households in the future.
With South Africa’s heavy reliance on coal-fired power plants and the negative environmental impact it brings, GoSolr’s mission to expand solar usage is not just about saving money, but also about environmental responsibility. They are confident that their model can be successful and are seeking additional investment through debt and equity, likely from existing shareholders.
GoSolr’s innovative rental model offers a promising path towards a more sustainable and secure energy future for South Africa. Their ambitious expansion plans and focus on affordability could be a game-changer for millions of households.
