New Zealand Green Investment Finance has invested $10 million in solar energy services company solarZero, to support the growth of the company.
While installing solar panels in homes is becoming increasingly popular, the initial upfront cost can be prohibitive.
To help remove these barriers, solarZero operates a “solar-as-a-service” model. solarZero installs the panels and the associated batteries and management systems but retains ownership of the equipment, providing the ongoing maintenance for a monthly fee.
These technologies, in turn, extend the benefits of renewable energy beyond individual households. solarZero’s smart technology enables individual solar PV and battery systems to be linked to a ‘virtual power plant’ that supports the resilience of the electricity grid and local lines systems, especially at times of peak power demand.
NZGIF has invested $10 million in solarZero, to support the growth of the company. NZGIF’s investment complements an existing financing facility from Westpac NZ to accelerate the uptake and deployment of solarZero’s offering.
Currently, solarZero has 3500 smart batteries from its GridforGood™ fleet enrolled in Transpower's demand response programme, providing a potential 10MW of power for short term demand reduction to support Transpower’s network management, which is set to grow with the aid of NZGIF’s investment.
By removing the financial barrier and giving households easier access to the benefits of solar energy and smart battery storage, we are building our GridforGood™ community, creating significant benefits for householders and the electricity network.
Neil Cowie, solarZero Chief Executive
Benefits
Removes cost barriers |
NZGIF’s investment helps solarZero expand its low-cost offering to more New Zealand households. |
Reduces household energy costs |
The service currently powers the homes of almost 9000 families, who have collectively saved $4.5 million on their power bills. |
Reduces greenhouse gas emissions |
As at September 2022, solarZero customers have collectively reduced their carbon emissions by 10,950 tonnes. |