Using active voice and natural phrasing, we’re diving into GoSolr’s ambitious $1 billion (R10 billion) investment to bring solar power to South African homes. You’ll discover how this innovative company, backed by billionaire Patrice Motsepe and Standard Bank, plans to roll out a groundbreaking rental model for solar panels and batteries.
Imagine no longer being at the mercy of crippling power cuts and skyrocketing electricity prices that have plagued the country since 2008. GoSolr’s mission? To install a massive 500 megawatts of solar capacity over the next four years – a massive increase from their current 70MW.
“That’s our mission. GoSolr, together with all the other companies combined, can end this crisis,” states CEO Andrew Middleton confidently.
The stats are staggering – rooftop solar capacity more than doubled to 5.4 gigawatts in March 2023 compared to the previous year. And out of that, a substantial 620MW was residential installations. It’s a renewable energy revolution in the making!
But why rent solar when you can buy? Well, GoSolr provides an affordable alternative to the pricey rent-to-own models and the steep R150,000 upfront cost for households wanting to install their own standard 8-panel, 5kWh battery system.
With subscription plans ranging from R1,400 to R2,900 per month, GoSolr is targeting the 2.2 million households earning over R360,000 annually. And in areas like Cape Town with the country’s highest electricity rates, clients are already saving money.
As Eskom raises tariffs by 12.7% this year (over double the inflation rate) and load shedding stretches past 10 hours daily, the savings for solar homes will only increase. It’s a value proposition that’s hard to ignore.
Looking ahead, GoSolr seeks to expand beyond affluent households. “We started at the core…now we need to determine if we can continue raising capital at scale. After that, we’ll look at the broader market,” reveals Middleton, the former investment banker behind the company’s meteoric rise.
While just 0.7% of South Africa’s 17.8 million households use solar (compared to 31% in Australia), GoSolr represents a catalyzing force. With an innovative rental model, strong financial backing, and a bold vision, this solar pioneer could significantly reshape the country’s energy landscape.
So get ready, South Africa – the solar power revolution has arrived. Thanks to ventures like GoSolr, a future of clean, reliable energy for all is no longer just a dream, but an increasingly bright reality.
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