Heat wave increases interest in financing solar panels by 20%

Increase in energy consumption and reduction in the Selic rate explain numbers, evaluates Meu Financiamento Solar
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Onda de calor eleva em 20% interesse por financiamento de painéis solares
Photo: Reproduction/Engegrid

O increase in electricity consumption in Brazil, driven by where heat which has hit several regions in recent months, consumer interest in installing solar energy systems has increased as an alternative to reduce costs.

According to a fintech survey My Solar Financing, specialized in financing for photovoltaic projects of own energy generation in Brazil, the volume of credit simulations grew by 20% in the month of November compared to October.

According to the company's analysis, the recent drop in the Selic rate, which went from 13.25% in August to the current 12.25%, is another factor that also helped boost demand for solar energy for both homes and businesses. 

“Although our largest audience is residential consumers, who are the most impacted by high electricity tariffs in the country, we have noticed a growing demand for financing solar energy for condominiums, which seek to reduce the consumption bill for the common areas of buildings”, he explained. Carolina Reis, director of Meu Financiamento Solar.

“Due to the growth in this energy demand, we also have many customer projects requesting expansion of systems that have already been installed, in order to contain this increase in consumption”, added the executive. 

Another growth factor demand for solar panels, according to fintech, is protection against energy inflation, which shields the consumer from tariff fluctuations that can occur with water shortages and the application of red flags.

On the roofs of Brazilian homes alone, solar energy already represents more than R$ 60.5 billion of accumulated investments in the country. The installed power in Brazilian homes exceeds the 12 GW mark. 

According to the My Solar Financing mapping, photovoltaic technology is present in more than 1.6 million homes spread across around 5,500 municipalities in all Brazilian regions.

Picture of Henrique Hein
Henry Hein
He worked at Correio Popular and Rádio Trianon. He has experience in podcast production, radio programs, interviews and reporting. Has been following the solar sector since 2020.

One Response

  1. If the concessionaires released it, it would be great, but with the allegation of flow reversal there is no point, as is the case with Cemig here in Minas Gerais.

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