- Immediately available to customers in London and across the UK, Otovo’s subscription programme is making residential solar seamless, with an innovative and efficient platform
-
Over 7,000 installations took place in the London last year, with continued surge expected in 2024
-
More than 200k installations estimated to take place this year across the UK, with demand for solar solutions increasing by 38% in the past year*
Otovo, the Norwegian startup and Europe’s leading residential solar and battery installer, today announces the launch of its subscription product in London and across the UK: allowing consumers to immediately have a solar system installed at home without having to pay thousands all at once for the cost of installation and having the peace of mind that comes with a twenty year warranty.
Working with local, high quality installers in the capital, Otovo combines local expertise with an easy to use platform. Customers get a real time quote with just a click of a button without the financial pressure of having to pay in one go and are assured of reliable installations and hardware being used, as well as having someone to rely on for post-installation aftercare.
At a time when households are looking to save on their energy bills, Otovo’s subscription offering (with prices starting at £61* for an average subscription with battery, and £19 monthly net savings**) will significantly lower the barriers to residential solar power adoption. Customers can expect savings right away, and most months will save more money off their electricity bill than what they will pay to Otovo. In addition Otovo solar PV subscriptions come with the service of full warranties on both workmanship and hardware for twenty years.
*See representative example. **See next page for net savings assumptions
Residential solar uptake is surging across the UK, with installation costs falling and payback times on investment lower than ever. With demand for solar solutions increasing by 38% in the past year***, it’s never been easier for customers to obtain a solar power system, with the assurance and expertise of hundreds of local installers. Otovo has installations across the whole of the UK ranging from rural countryside locations to urban city homes and everything in between.
In addition to breaking down the barriers to solar adoption, Otovo is fundamentally reforming solar adoption in the UK, as they have in eleven other countries. The traditional model sees a household pay an installer in large payments with a deposit, requiring thousands in capital in one go. Otovo’s subscription model allows customers to spread the cost of their solar system over 20 years and their battery over 10 years. For an average system this is bringing down the cost to £61/month whilst saving £80/month on electricity bills Otovo’s subscription model marries this easy entry point to solar with long term security and peace of mind, by providing warranties for the full twenty years.
Otovo offers a subscription model in 12 of the 13 European markets in which it’s active and has over 6,000 solar subscription customers as of Q1 2024.
Otovo UK general manager Jina Kwon commented: “Our subscription product changes the entire solar market and will be immediately available all across London. We want solar to be as accessible as possible and with only 1.8% households in London currently having solar power installations, there is still a huge opportunity and savings to be made with more households looking for ways to spend less on their energy bills than ever before.
“By paying on a subscription basis, it significantly lowers the main barrier to entry for customers meaning more households can make the switch. Customers can cut their electricity bill spend from day one of having a solar system and by working with our network of vetted MCS-certified installers, the quality of work is assured.”
A typical 10-panel installation in Edinburgh could cost a customer £61 per month to finance a £7,100 installation. The panels could generate 3,900 kWh/year at current electricity rates of £0.29/kWh. In the described scenario, this specific consumer could expect to save up to 70% of their electricity bill spend by self-consuming 70% of generated electricity, valued at £780, and selling the remaining 30% back to the grid at £0.15/kWh, valued at £180, totalling £960 and averaging £80/month, which leads to £19/month net savings**. The electricity portion of the Energy Price Cap is £967.47 until 31 March 2024, averaging £80.62/month. The electricity portion of the Energy Price Cap is £967.47 until 31 March 2024, averaging £80.62/month.
***[SOURCE: MCS Dashboard: 138k in 2022 190k in 2023 = 38% growth year on year] **See representative example
Featured Photo by Zbynek Burival on Unsplash.
