Last checked at 2 Mar 2023 07:00
London, 02 March 2023
Good Energy Group PLC
("Good Energy" or the "Company")
Commencement of solar installations
Good Energy, the pioneering clean energy company, is pleased to announce that it has commenced domestic rooftop solar installation, completing its first install just two months after completing the acquisition of Igloo Works in December 2022. This is a significant milestone and demonstrates how the acquisition of Igloo Works provides Good Energy with a platform to execute the Company's strategy to expand its decentralised energy services offering and rapid consolidation of Good Energy's leading role in the solar space.
The Company has identified a key target segment of over 250,000 households considering a solar installation by 2026. In 2022, UK installations doubled to over 130,000 with high energy prices driving increased interest in households generating their own power. It is a rapidly growing market which Good Energy is well positioned for as a trusted green pioneer with over 20 years as a renewable electricity supplier and a legacy that includes being the first UK company to pay households for the solar energy they generate.
Research from the Company's partner Zap-Map, the UK's go-to EV charging app, which Good Energy is a major investor in, has shown the strong link between EV drivers and solar. They are seven times more likely than average to have solar installed at home, with Zap-Map's survey of over 4000 EV drivers showing that 29 per cent have a PV array. As the app tops 700,000 registered users, this represents another significant area of growth for Good Energy's new services.
This latest development comes after the introduction of a smart export for the Company's Feed-in Tariff (FiT) customers. As the largest voluntary administrator of the Feed-in Tariff and the second largest overall, with over 180,000 customers to whom it processed over £224m worth of payments in 2021/22, Good Energy already plays a leading role in the solar space. In the near term, the Company plans to launch a market leading export tariff, consolidating a strong holistic solar proposition.
Nigel Pocklington, CEO, Good Energy said: "As a major supporter of households with solar for many years, this is a great moment for Good Energy. Not only can we provide customers with the digital services and export tariffs to make a solar install stack up, we can now provide the tech itself too.
"We expect the surging interest in solar to remain high for the foreseeable future. Right now it's being driven by the on-going high cost of energy, and we intend to continue to drive interest with competitive export tariffs, financing and bundling to make cutting carbon cost effective."
ENDS
Media contacts
Ian McKee / Justin Guy
press@goodenergy.co.uk
07718671003
About Good Energy www.goodenergy.co.uk
Register interest for Good Energy's future products and services at goodenergy.co.uk.
Enquiries
Good Energy Group PLC Nigel Pocklington, Chief Executive Charlie Parry, Director of Corporate Strategy & Investor Relations Ian McKee, Head of Communications | Email: press@goodenergy.co.uk
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SEC Newgate UK | Email: GoodEnergy@secnewgate.co.uk |
Elisabeth Cowell / Molly Gretton | Tel: +44 (0)7900 248213 |
Investec Bank plc (Nominated Adviser and Joint Broker) | Tel: +44 (0) 20 7597 5970 |
Daniel Adams / Henry Reast | |
Canaccord Genuity Limited (Joint Broker)
| Tel: +44 (0) 20 7523 8000 |
Henry Fitzgerald - O'Connor / Harry Rees |
About Good Energy www.goodenergy.co.uk
Good Energy is a supplier of 100% renewable power and an innovator in energy services. It has long term power purchase agreements with a community of 1,700 independent UK generators.
Since it was founded over 20 years ago, the Company has been at the forefront of the charge towards a cleaner, distributed energy system. Its mission is to power a cleaner, greener world and make it simple to generate, share, store, use and travel by clean power. Its ambition is to support one million homes and businesses to cut carbon from their energy and transport used by 2025.
Good Energy is recognised as a leader in this market, through our green kite accreditation with the London Stock Exchange and as the only energy supplier with Gold Standard Uswitch Green Tariff Accreditation for all tariffs.