Electron Green, the commercial solar electricity firm, today announces up to £1 billion of funding for solar to end the business energy crisis.
The company will kickstart a solar electricity revolution for businesses by putting free solar panels on commercial rooftops, delivering low-cost solar electricity to its occupants from as little as 20p / unit.
British businesses are being hit hard by skyrocketing energy costs, with electricity prices for some companies jumping from 17p to 70p per kilowatt hour (kWh). With many businesses already seriously cash-strapped and locked into high-price electricity contracts, the energy crisis is putting previously viable and successful firms out of business. According to recent FSB research, 24% of small firms are trapped in fixed energy contracts, with 28% (370,000 small businesses) needing to downsize, restructure or close entirely as a result.
Electron Green is stepping in to transform the way businesses can buy electricity by mixing lower cost solar electricity with higher cost supply from utility companies. £1bn would pay for the installation and maintenance of 3.4 million solar panel systems across 14,000 commercial buildings in the UK, removing the significant upfront cost and risk associated with commercial solar electricity to date. Electron Green anticipates up to £1bn of funding will be allotted to new projects in under year, such is businesses’ pent-up demand for cheaper, cleaner electricity.
Daniel Green, CEO and Co-Founder of Electron Green comments, “Businesses cannot continue to be at the whim of Big Energy and market volatility. It’s time to shake up the energy buying status quo and embrace low-cost on-site renewables.
“£1bn would enable thousands of businesses to take back control of their electricity energy spend for the first time. Adding low-cost green solar electricity to businesses’ energy mix will significantly reduce bills by enabling them to use more cheap solar electricity in lieu of expensive utility electricity, providing certainty in an increasingly uncertain world. This is essential to not only save the SME backbone of our economy from breaking but to also hit net zero goals.”
Calculations based on Solar Energy UK figures, show that just 1% of commercial property roofs in the UK have solar panels and landlords have been identified as a significant blocker of investment to date. While it’s hoped this will change as landlords adapt to meet increasingly stringent sustainability-led EPC rules by 2027, there’s a clear need for more to be done now to support businesses and reach net zero goals.
Green continues, “Landlords have been standing in the way of cheap electricity for tenants, but it’s time for them to move aside. Sustainability rules will hurt business models sooner than many realise. Putting solar on rooftops now is a critical step as they adapt portfolios in the race to 2027.”
With banks and large institutions very keen to see low carbon investment opportunities realised, up to £1bn of funding would be backed by private investment from Electron Green and some of the largest banks and partners in the world.
Phil Adam, Partner, Head of Infrastructure Advisory, Debt & Capital Advisory, Deloitte LLP comments, “We are delighted to be supporting Electron Green with their scaled focus on the commercial solar market assisting their UK corporates reduce their energy costs and meet their net -zero targets.”