SolarEarn, launched in June 2020, is an incredibly ambitious and daring startup that promotes solar energy across India, revolutionizing the way of investment in solar energy. This venture has been meticulously planned and propelled by its founder, Yatharth Kher.
An Idea is All You Need
In 2018, the cost of producing solar power was rapidly declining, going below the conventional source: it was costing around $50 to produce 1MW of solar energy while the conventional source coal was costing $102 for 1MW.
It was during this time that Yatharth thought “Why can’t everyone use solar energy and help in conserving the climate and also get electricity for cheap.” Main hindrance was caused by high upfront costs of installing solar panels. Then came an idea: to crowdfund solar panels and convert them into trading commodity. This would enable installation of solar panels for those who needed it for zero costs and ensure that people buying the trading commodity (solar cells) would be generating high revenue per year.
Recollecting the past, Yatharth says “I got a chance to present this idea in PennAppsXX (hackathon by University of Pennsylvania) where this idea was appreciated and I always wanted to do something for my country, so I decided to launch it as a startup in India and have a dream to see India shine in solar energy.”
How SolarEarn is gearing up to change the game
So, how does SolarEarn intend to make a difference? SolarEarn is a crowd-investment platform for financing solar energy solutions that provides electricity to high-impact communities & institutions that cannot bear the upfront costs, while delivering a financial return for investors through a buy-to-lease solar asset ecosystem. No other Indian company has ventured into this unchartered territory. But that hasn’t deterred the SolarEarn team.
Recently SolarEarn was selected for NationalBootcamp 1.0 and ClimateLaunchpad. The major client base comprises factories and to a certain extent, households. SolarEarn allows you to become an owner of a solar cell by just investing Rs. 600 and promoting solar energy, giving you high returns. The revenue model focuses on up to 15% ROI to investors who buy SolarEarn membership or solar cells from the company.
Helping India Shine
As a highly motivated individual, Yatharth’s mission is to make solar energy affordable for everyone. He believes investing in solar energy is as important as investing in gold and property and hopes to change the norm. In his words “We want to convert solar energy into a trading commodity and revolutionize the way of investment in solar energy. Our long term vision is to bring electricity to every corner of every village of India by using the potential of solar energy. My purpose and dream is to see India Shining in Solar energy.”
Future Course for SolarEarn
Currently the team is working on building the platform and gathering consumers who want to get solar panels installed and will be soon starting campaigns for them. Platform will be launched later this year. The company, with government aid, plans to spread out in rural areas, installing solar panels where electricity has not reached. Reaching out to other Asian countries is also on the anvil. In the next 5 years, SolarEarn strives to become a big platform for trading of solar cells and making people invest in solar energy.
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