Otovo has launched its leasing offering in Germany. Customers can now obtain solar and battery installations without upfront cost. Early sales indicators show a high interest for the new product. The first leasing installations in Germany are expected in the second quarter.
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Following the launch of the leasing product in Norway, Spain and Sweden in 2020, France and Poland in 2021, Otovo has now made leasing of solar panels and batteries available to customers in Germany.
The leasing product is available on the Otovo.de website and the first installations are expected to be completed toward the end of the second quarter of 2022 (due to the lead time from sale to installation that is typically 10-15 weeks in Germany).
- This solution removes one of the major barriers to solar energy for German consumers, which has always been the initial investment needed to start saving on the electricity bill, says Andreas Thorsheim, Otovo’s CEO.
German consumer electricity prices have been rising significantly the last year, now being above 0.3 EUR / kWh, implying significant savings from day one by going solar through leasing. Due to its marketplace characteristics, where installers compete for the projects, Otovo is able to offer consumers some of the most attractive monthly prices on the market.
- Now people can get solar panels on their roof and see the electricity bill drop the next month without needing to crack open the piggy bank. We are convinced this will enable Otovo to grow even faster in the German market, says Thorsheim.
Otovo's leasing product is one of the most flexible on the German market: customers can easily switch to solar energy with no upfront costs and can still buy the system at any time at a later date.
As in other markets, it is Otovo’s 88 percent owned asset company, EDEA, that will finance projects and receive the recurring payments from the 20 year contracts with homeowners.
Consumers receive the applicable subsidies as with direct purchases, and also collect the gains from selling power to the grid, in addition to cutting their electricity bills.
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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the roof. Otovo is a marketplace that organises hundreds of local, high quality and qualified energy installers. The company uses its proprietary technology to analyse the potential of any home and finds the best price and installer for customers based on an automatic bidding process between available installers.
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