Fenix International is a company working to bring electricity access to those without it in the developing world. The company offers efficient and inexpensive pay-to-own solar batteries, called ReadyPay Solar Power Systems, that provide a green and safe source of energy for people living in areas without electric infrastructure.
Fenix International currently offers its ReadyPay batteries in Uganda, with the product reportedly powering over 100,000 customers. Though that number is only a small portion of the Ugandan population, the off-grid energy system has a lot of promise as a way to power the country, since establishing infrastructure is an expensive task for a poor country.
The ReadyPay packs cost a total of 573,600 UGX, or about $160 USD, and consumers have the option to pay in daily, weekly, or monthly installments.
Pay-to-Own Solar Systems
Fenix International's ReadyPay System is an Affordable Residential Option
Trend Themes
1. Pay-to-own Solar Systems - Disruptive innovation opportunity: Expanding the pay-to-own solar system model to other developing countries to provide affordable and sustainable energy solutions.
2. Off-grid Energy Systems - Disruptive innovation opportunity: Developing efficient and inexpensive off-grid energy systems to meet the growing energy needs in areas without electric infrastructure.
3. Affordable Residential Energy Solutions - Disruptive innovation opportunity: Creating innovative and affordable energy solutions for residential areas in developing countries, enabling access to clean and reliable power.
Industry Implications
1. Renewable Energy - Disruptive innovation opportunity: Leveraging renewable energy technologies to provide sustainable power solutions for off-grid areas in developing countries.
2. Energy Storage - Disruptive innovation opportunity: Advancing energy storage technologies to improve the efficiency, affordability, and scalability of off-grid energy systems.
3. Microfinance - Disruptive innovation opportunity: Integrating microfinance models with pay-to-own solar systems to enable affordable and flexible payment options for customers in developing countries.