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Energy service company All Power Systems has joined forces with Synthesis Power Holdings to launch South Africa’s first commercial solar savings insurance. The insurance is intended to protect companies from risks associated with adverse weather and system failure.

new solar insurance launchedCompanies using rooftop solar energy face the risk of their panels being damaged by hail or developing a system fault, among other hazards, so All Power Systems and Synthesis partnered with a global reinsurer to develop a unique solar savings insurance product to underwrite savings guarantees for companies. Synthesis is itself a partnership between Fusion Energy and All Power Systems.

“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, and since Synthesis effectively owns these projects, we agree a guaranteed monthly fee for electricity, with zero risk,” says CEO Jay Naidoo.

Image credit: Copyright: zstockphotos / 123RF Stock Photo

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