GoSolr, a South African company selling solar panels, intends to invest 10 billion rand (about $536 million) to introduce the concept of renting solar panels and batteries to households to end the country's energy crisis that has caused long-hour blackouts, the Western media reported on Thursday.
“That’s our mission,” Andrew Middleton, the company's chief executive officer, was quoted as saying. GoSolr, together with “all the other companies combined, can end this crisis.”
In four years, the business wants to add around 500 megawatts of solar-generating capacity. Middleton told the media that it is an increase from its present 70 megawatts.
The company has reportedly drawn funding and investment from the continent’s biggest bank, Standard Bank Group Ltd., and African Rainbow Capital Investments Ltd., owned by South African billionaire Patrice Motsepe.
GoSolr targets the 2.2 million households with an annual income of over 360,000 rand (about $19,300), according to the media.
Overall, in March, the rooftop solar power in South Africa increased by almost 100% to reach 5,440 megawatts, compared to the previous year, with around 620 megawatts of that energy generated on residential homes, the media reported, citing the firm’s data.
However, despite South Africa's significant solar potential, just 0.8% of its 17.8 million homes use solar technology for power. In comparison, Australia has a rate of more than 30%, the UK has a rate of about 4%, and the US has a rate of 3.7%.
South Africa has been facing a serious energy crisis that has resulted in frequent and prolonged blackouts, which were taken as a precautionary measure to prevent a complete collapse of the national power grid. However, last Sunday, Eskom announced that after "32 consecutive days of suspending load shedding, it remains suspended until further notice."