First commercial solar savings insurance launched in South Africa

SA SolarThe solar savings insurance aims to protect companies from adverse weather conditions. (Image source: Marufish/Flickr)South Africa’s All Power Systems and Synthesis has launched the country's first commercial solar savings insurance, aiming to protect companies from risks related to adverse weather and system failure

In a statement, the company said that many of the solar rooftop companies in the country are making a compelling case to businesses, using strong potential savings models.

According to the company, the new solar savings insurance aims to provide a solution to the various issues that may potentially hamper photovoltaic effectiveness as well as addresses savings guarantees for the companies.

Jay Naidoo, CEO of All Power Systems and Synthesis, explained, “We provide independent, clean electricity for businesses in two ways. With All Power, we install solar rooftop systems for commercial clients who want to own their own sustainable electricity supplies. With Synthesis, we offer a complete financial solution with zero capital input from the client.”

“Along with an international re-insurer, we have developed a unique Solar Savings insurance product to underwrite savings guarantees for both of our business models,” he added.

He stressed that the solar insurance acts by insuring the clients’ solar plants against any loss of earnings.

Richard Bennet, marketing director of iProp, commented, “As investors in Solar Rooftop Technology, the development and inclusion of an All-Risk Solar Insurance product such as this has assisted us by de-risking our investment quite considerably. Not only do we reap the great returns which solar power offers, we also have the assurance that the forecasted solar energy savings are guaranteed.”

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