GoSolr, a South African company, plans to increase its solar-generation capacity to 500 megawatts in the next four years, up from its current 70 megawatts. Backed by investments from African Rainbow Capital Investments Ltd. and Standard Bank Group Ltd., the company is capitalizing on the country’s power cuts and rising electricity prices.
Despite South Africa’s significant solar potential, only a small fraction of households utilize solar technology for electricity, with just 0.7% of households employing it compared to higher rates in other countries like Australia, the UK, and the US. GoSolr aims to tap into this market, particularly targeting households with higher incomes.
With 9.9% of power generated in South Africa coming from solar and the majority from coal, GoSolr’s expansion aligns with efforts to reduce reliance on fossil fuels and decrease greenhouse gas emissions. The company’s subscription service is already proving cost-effective for clients in cities like Cape Town, where electricity costs are notably high, signaling potential growth in solar adoption and sustainable energy practices.
Source: Business Insider Africa