Greentech startup Zolar has raised a fresh €20 million in its efforts to easily and effectively put photovoltaic systems into the hands of residential consumers. The new funds will specifically be used to push the company’s growth through new market entries.
One of the major stumbling blocks of the solar power industry has been the tremendous upfront cost involved when planning and installing a system. In a very similar offer to crosstown competitor Enpal, Zolar wants to remove this barrier by offering consumers the option to rent a photovoltaic system for as little as €54/month.
The cost of the monthly rental is calculated based upon individual electricity consumption and size of the installed capacity. Once the 20 year leasing period has concluded, homeowners can buy the entire system for, “a symbolic Euro” (exactly the same wording as Enpal), and continue to enjoy the benefits of the system for, on average, another ten years.
“Nearly everybody wants to lead more environmentally friendly and sustainable lives. However, going green is often easier said than done,” comments Zolar founder and CEO Alex Melzer. “The installation process can be quite overwhelming requiring high efforts and upfront investments. We want to make solar energy accessible, affordable and effective for everyone. This means lowering upfront costs and reducing bureaucratic burden, enabling people to make a modern impact on the environment.”
Zolar’s new funding was raised via a special purpose vehicle with Berliner Volksbank, with additional debt financing announcements planned over the next few months.