SolarZero raises $195m in debt-funding, targets 100,000 customers
Summary
The firm has set the goal of 100,000 customers by the 2030s.Overall, around half of SolarZeros customers can cover their whole power bill from their solar setup, Allard says.But of more recent installs, its currently closer to 100% he says - thanks to the fact that solar panels have become so much cheaper recently (the FT reported in April that overproduction in China - notably in 2023 as more than 250 million panels were made but under 150 million installed - has led to a glut of solar panels that has seen some punters use them for fencing).A SolarZero customer in Laingholm, told the Herald hed had no issues over five years, with his setup covering most of his households power use, most of the time - particularly in summer. A major benefit was the fridge and other appliances staying on during power cuts (Laingholm was particularly hard hit during Aucklands wild weather of early 2023. (Tesla did the same thing with its Powerwall solar batteries, albeit with a lack of communication that left some customers confused or annoyed that they had been army-volunteered. They gave us that facility with the idea that we would then bring another lender in to expand it.Does NZGIF offer mates-rates interest given SolarZero contributes to its decarbonisation mission?Theyre a really key partner of ours. NZGIF was willing to take it on.Solar operators need long-term, fixed-rate debt as well as warehousing debt facilities, and existing funders have been cautious about financing the more disruptive and innovative participants in the sector, NZGIF chief investment officer Jason Patrick says.We took a bundle of residential solar assets and solar contracts and were able to structure them for investors in this programme.