Equity Bank, Orb Energy partner to provide builders Solar Water Heating Loans and Systems
By Rolex Owino
November 22, 2017,was the deadline for households and institutions that consume more than 100 litres of hot water per day to install solar water heating systems.
This is in accordance with the Energy (Solar Water Heating) Regulations 2012.
To implement this endeavour, Equity Bank and solar energy company, Orb Energy, partnered to offer tailor-made loans to enable homes, institutions and industries acquire solar water heating systems.
Through the Equity Bank loan product, Kenyans would be able to acquire solar water heaters that will see them save up to 60% of the money spent on their electricity bill. Orb’s Sunstream solar water heating systems cater for residential properties and buildings that consume over 100 litres of hot water a day – as well as industrial facilities that consume up to 13,000 litres, or more, per day.
Speaking on the initiative, Equity Bank’s Director of Operations and Customer Experience, Gerald Warui said, “Equity is committed to promoting the use of clean energy products and has so far helped 16,000 households – equivalent to an estimated 70,400 individuals – benefit from these products. The partnership with Orb Energy now allows us to avail to our clients a more enhanced product offering.”
The partnership with Orb Energy is also in line with the Group’s mission to offer inclusive customer-focused financial services that socially and economically empower communities, thus complementing government efforts to offer decent livelihoods and promote the adoption of green energy.
Ramin Nadimi, Orb Energy’s Vice President for Africa, said his company is committed to ensuring customers can afford and have easy access to solar water heating and solar power products by partnering with like-minded financial institutions such as Equity Bank.
He also added that the move is part of Orb’s objective of providing a range of high-quality solar energy solutions to Kenyans, helping families to save money and enhance their quality of life.
In the deal, customers will be able to access free site surveys from Orb Energy that includes free technical and financial assessment by Orb technicians. Orb also takes care of all installation and after-sales services countrywide.
The product has a five-year warranty and the repayment period is approximately 24-36 months based on savings generated by switching to solar water heating options.
Orb Energy designs, manufactures, installs and services solar energy systems for both residential and commercial customers through its unique network of branches. Orb has more than 130 branches in India and is rolling out the same model in Kenya, with 4 branches established to date and with 50 planned over the next 3 years.
Orb Energy opened a subsidiary in Kenya in early 2014 with its first branch in Kisumu. To date, they have sold more than 100,000 solar systems globally. In 2015, Orb closed a USD2M equity investment from the Netherlands premier development finance institution, FMO, to replicate its unique retail model for solar energy from India in Kenya.
Source: African Strategic-Ventures (ASV) & The Exchange.