South African firms All Power Systems and Synthesis said on Monday they had launched the country’s first commercial solar savings insurance to protect companies from risks associated with adverse weather and system failure.
In a statement, the companies said firms using rooftop solar energy faced the risk of their panels being damaged by hail or developing a system fault, among other hazards.
All Power Systems and Synthesis Power Holdings had partnered with a global reinsurer to develop a unique solar savings insurance product to underwrite savings guarantees for companies, CEO Jay Naidoo said.
“With All Power, we install solar rooftop systems for commercial clients who want to own their own sustainable electricity supplies,” Naidoo said.
“With Synthesis, we offer a complete financial solution with zero capital input from the client, and since Synthesis effectively owns these projects, we agree a guaranteed monthly fee for electricity, with zero risk.”
Synthesis is a partnership between All Power Systems, an energy service company, and Fusion Energy, a clean energy concern based in Stellenbosch.