Norwegian Startup Otovo Secures €40M to Expand Rent-to-Own Solar Marketplace
Meeting the Growing Demand for Solar Energy
Norwegian startup, Otovo, has successfully raised €40 million in funding to expand its innovative rent-to-own solar marketplace. As more homeowners seek to reduce their energy bills and increase their reliance on renewable sources, Otovo aims to make the transition to solar power easier and more affordable.
How Otovo’s Marketplace Works
Otovo’s online platform offers a unique solution for homeowners looking to adopt solar energy. By renting out solar panels and inverters at a fixed monthly cost, Otovo eliminates the need for a significant upfront investment. This approach includes all repairs and maintenance, ensuring a hassle-free experience for its customers.
Utilizing Advanced Technology for Precision
To determine the solar potential of a specific roof, Otovo utilizes satellite data and mapping information. This allows the platform to calculate the amount of sunlight a particular area receives and the corresponding energy production. Additionally, Otovo considers the size, shape, and specifications of suitable rooftop solar products. By analyzing all these factors, Otovo can provide accurate recommendations and find the best price and solar installer for each individual project.
Solar Energy: A Cost-Effective and Sustainable Choice
The decreasing cost of solar electricity has made it the most affordable energy source in history, with an 89% price drop between 2010 and 2020. As gas prices continue to rise, homeowners are increasingly turning to solar panels to secure their energy needs, reduce costs, and enhance the value of their properties. In fact, rooftop solar capacity grew by 25 GW in 2022, a significant increase from the previous year.
Breaking Down Financial Barriers
While solar panels themselves have become more cost-effective, the initial investment can still be a significant barrier for many homeowners. Otovo’s rent-to-own model aims to address this issue by providing a more accessible financial solution. With a photovoltaic system typically costing around €10,000 in the EU, Otovo’s marketplace offers an alternative approach that allows homeowners to enjoy the benefits of solar energy without the upfront expense.
Expanding Reach and Impact
With the newly secured €40 million funding, Otovo plans to expand its rent-to-own solar marketplace to reach even more homeowners across Europe. By offering an affordable and convenient solution, Otovo hopes to accelerate the adoption of solar energy and contribute to a greener, more sustainable future.
In a world where energy security and affordability are paramount, Otovo’s innovative marketplace paves the way for homeowners to harness the power of the sun and make a positive impact on both their wallets and the environment.