GoSolr to fork out R10 billion on solar to address electricity crisis

GoSolr, a company supported by South African tycoon Patrice Motsepe and the largest bank on the continent, has unveiled their intention to invest R10 billion in deploying a scheme offering solar panels and batteries for rent to homes in the country facing recurring blackouts.

It's been disclosed that they aim to set up approximately 500 megawatts of solar energy capacity within four years.

Despite South Africa having one of the highest solar energy potentials globally, merely 0.7% of its 17.8 million households utilise solar technology for power, in stark contrast with 31% for Australia, 4% in the UK and 3% in the US.

Andrew Middleton, the CEO of GoSolr, expressed that their mission is to resolve the loadshedding crisis.

He elaborated that his company, which currently offers products priced between approximately R1 400 and R2 900 per month, is exploring more affordable systems to cater to households with lower income levels.