Why Africa Needs Solar Power – Part 3
We continue our 5-part series surrounding the challenges Africa faces when it comes to electricity, and we also offer our solution on how these challenges can be overcome. Here’s a hint: It’s through solar power. In our last article, we looked at the unreliability of the power supply and how this can be addressed by harnessing our natural, clean, and infinite resources, namely, wind, heat from the Earth itself and, of course, the sun’s light. Today, we will take a look at another challenge that we face:
Access To Funding
Consumers who wanted to be energy independent in the past had to do so at a significant cost as the prices of solar equipment and batteries were high when the technology was still in its infancy. It is also worth noting that many Africans do not have access to funding or prefer to spend their money on more important priorities. This creates a significant barrier when it comes to entering the renewable energy space.
The only way to break through this finance barrier and ensure that every African, regardless of whether they can afford it or not, is to introduce innovative financial solutions which offer clean, renewable energy at monthly rates. This, coupled with the exponential decrease in PV panel and battery costs, will make distributed energy solutions on a small scale more accessible to a wider group of people.
With our 0% start-up option for businesses, we have already paved the way for organisations to switch to solar power with zero risk and zero investment. The exciting aspect about this innovative finance vehicle is that we see parity in most business cases. Solar generated power costs less than the Local Utility Grid power with the best case thus far being a more than 40% cost reduction and an average saving about 10% in the first year. This is on the back of a 0% investment and, wherever possible, a zero rate increase over the standard 15-year contract, with an option to extend it up to 25-years. Get in touch with us using the form on our Contact Us page right away if this sounds exactly like the option that your business needs. Be sure to look for our next article in the series where we will continue to look at solving the energy problems of Africa.