UK investors could seize a $24bn investment opportunity by helping to connect millions of people without access to electricity to off-grid home solar power systems. The market for pay-as-you-go home solar packages is expected to boom in Africa, where millions of homes are using mobile technology to rent low-cost solar panels. UK companies have played a leading role in helping more than five million households sign up to pay-as-you-go home solar systems in the past four years. But with 600 million people without access to an electricity grid, there is huge potential for future investment. The market is growing rapidly since the collapse in the cost of solar panel technologies and the emergence of mobile banking and affordable financing in the continent’s fast-growing economies. Households that earn an income are increasingly using mobile phones to rent small-scale solar panels, and ultra-efficient electric lighting strips and appliances to access electricity for the first time. Once the solar panels are paid off, households own the equipment outright and in effect have free energy. Many then choose to upgrade their packages to add televisions and electric cookers. The off-grid solar market is expected to grow rapidly, in part because eight of the world’s 15 fastest-growing economies are in Africa.
SOURCE: THE GUARDIAN
More Stories
Best Style Moments of Tems
To the World
From ‘The Woman King’ to Netflix’s ‘African Queens’ – How Africa’s History Went Pop
Who is Pretty Yende, the Soprano Performing at King Charles III’s Coronation?
Discover Dakar: From African Art to Rooftop Hangouts and Culinary Gems
Graffiti Now Covers the Walls of Libya’s Ancient City, a UNESCO World Heritage Site
When to Visit Malawi
The Beauty about Exploring Africa is that the Continent has a Lot to Offer
Ugandan Kids get Introduced to Irish Dancing Via Online Lessons
Get a Symmetrical Trim at this Kenyan Barber
Standard Bank Hosts Central Bankers to Demonstrate Africa’s Potential to Learn – and Lead
Ghana’s Debt Crisis is Affecting Companies Beyond its Borders