UrbanVolt, an Irish company that makes money by cutting its business clients' lighting bills, has launched Solar as a Service.
The service, SOLaaS, will operate along the same lines as the company's Light as a Service model whereby UrbanVolt invests its capital installing energy-efficient LED lighting for businesses with an agreement to share the energy savings between both parties over a five-year period.
It says this service is the first time a zero capital expenditure, risk-free, solar solution has been offered to commercial buildings to help them permanently cut their energy costs via solar PV.
Under the service, companies will not have to sign away roof space for decades or wait for the introduction of grants to avail of SOLaaS.
UrbanVolt will take on all the upfront cost and risk, and at the end of the term, the clients own the solar PV technology and continue to enjoy all the benefits, following the same model as their Light as a Service.
CEO Kevin Maughan said businesses in Ireland have been crying out for solar solutions and UrbanVolt has already signed up its first clients for the new service.
"Before companies install solar PV, they must first look at reducing their consumption. The most effective way to do that is via LED lighting as they will immediately cut lighting consumption by 75pc or more. Once consumption has dropped, it is time to start looking at generating energy on-site via solar," said Mr Maughan. "Our Light as a Service clients are following this roadmap and because they have cut their consumption by upgrading to LED, they are now ready to start producing their own energy on site," he said.