- The growth happened with a single credit line of individual’s financing;
- Solfácil’s business model is based on granting credit specifically for solar power projects.
Solfácil, the first solar power fintech in Brazil, will close 2020 with an average monthly growth of 30%. Even with the impacts on the economy caused by the COVID-19 pandemic, the fintech has obtained expressive results in the country and will surpass the mark of BRL 100 million financed in 2020, an increase of 10 times about 2019.
Fábio Carrara, CEO, and founder of Solfácil, stated that the positive numbers reflect the accelerated pace of growth in the solar energy market in Brazil. “The sector has almost doubled in size in recent years. Even in 2020, which was a very unusual year, it is expected to grow by 50% to 60% compared to the previous year”, he said in a press statement.
The growth happened with a single credit line of individual’s financing. The plan for 2021 is to launch a credit granting line for companies and agribusiness. According to Carrara, the forecast is to reach a volume of BRL 1 billion in financing in the next year.
Solfácil’s business model is based on granting credit specifically for solar power projects. The consumer invests in a solar energy system, installed by integrating partners, who execute the project at the individual’s house, and pays up to 120 times, with very an interest rate of nearly 1%. The monthly installment is up to 30% less than the cost of the electric bill without solar power, according to the firm. “In practice, the consumer substitutes a cost for an investment, saves money and generates social and environmental impact”, says Carrara.
After paying for the system, the consumer can produce all the energy that his home uses. According to Solfácil, in general, a solar energy system gives a return on invested capital 10 times higher than savings income.