Today, Enova, the Norwegian government's clean energy body, announced an
overhaul to its subsidy programs for Norwegian homeowners. The change affects
solar panels and energy management systems.
Otovo expects the average ticket to rise from this, taking effect on sales
immediately and on installations gradually during Q2. The average size of an
Otovo system sold in Norway was approximately 10kWp (25 panels) in Q4 and the
average Norwegian ticket size was 170,000kr (17,000 euros).
Otovo has a market share of approximately 50 percent of all installations in
Norway.
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The details announced today follow the 25 January announcement by the Norwegian
government of a NOK 750 million additional grant to Enova, on top of the yearly
NOK 3 billion that is usually granted to the agency.
The subsidy changes impacting Otovo in Norway are:
o Increased maximum subsidized system size from 15kWp to 20kWp
o Increased subsidy per kWp installed from 1,250kr to 2,000kr
o Maintained the fixed sum per project at 7,500kr
o The maximum subsidy amount will increase from 26,250kr (2,630 euros) to
47,500kr (4,750 euros). In addition, new subsidies will be introduced for energy
management systems (up to 10,000kr (1,000 euros) that are often installed
alongside solar arrays.
- This is great news for homeowners thinking about going solar in Norway. Many
are waiting to make a decision, and this will get them going, says Andreas
Thorsheim, Otovo CEO.
- We expect a rush of demand and a step up to larger systems. The full impact on
Otovo is not immediately clear, but such a policy stimulus will be worth
hundreds of millions of kroner for the residential sector in Norway, adds
Thorsheim.
Otovo expects the average ticket to rise from this, taking effect on sales
immediately and on installations gradually during Q2. The average size of an
Otovo system sold in Norway was approximately 10kWp (25 panels)in Q4 and the
average Norwegian ticket size was 170,000kr (17,000 euros).
- The news represents a complete reversal for the Norwegian market. It could
grow to five-digit installation numbers, says Thorsheim.
According to figures published by Enova, the Norwegian market totals an
accumulated ~6,200 projects in the residential sector. By comparison, the
neighboring Swedish and Danish markets both count approximately 100,000
grid-connected residential projects to date.
Otovo has a market share of approximately 50 percent in Norway.
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More on the subsidy
* For a 10kWp system, the subsidy increases from 20,000kr to 27,500kr, typically
from about 13% to about 18% of the total cost of the system.
* For a 20kWp system, the subsidy increases from 26,250kr to 47,500kr,
typically from about 9% to about 16% of the total cost of the system.
***
Links
Enova announcement:
https://www.enova.no/privat/kampanjer/enova-stotter-klimavennlige-valg/
Updated Enova solar subsidy:
https://www.enova.no/privat/alle-energitiltak/solenergi/solcelleanlegg/
Swedish energy body: http://www.energimyndigheten.se/
Danish energy body: https://ens.dk/
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About Otovo: For homeowners, Otovo is the easiest way to get solar panels on the
roof. Otovo is a marketplace that organizes hundreds of local, high-quality, and
qualified energy installers. The company uses its proprietary technology to
analyze the potential of any home and finds the best price and installer for
customers based on an automatic bidding process between available installers.