- LPE is on track to add 10,000 this financial year, as per previous guidance
- The new shared solar product is proving popular as it saves costs for strata communities
- Growth over the past few months is up 31% growth over the same period last year
Solar electricity generation and storage company Locality Planning Energy Holdings Limited (ASX: LPE) has passed the 40,000 customer milestone in Australia, and is on track to add more than 10,000 this financial year.
Growth over the past few months is up 31% growth over the same period last year – when, presumably people had other ideas on their minds, such as a global pandemic.
LPE’s new shared solar product deploys and manages solar electricity generation and storage infrastructure (including batteries) at nil capital cost to strata communities, and in return enters long-term contracts (up to 15 years), with the community to manage the supply of solar and traditional grid electricity to residents.
Customers living in strata communities can be provided energy savings from renewable electricity and the company is then able to lock in long term customers.
Shared solar is optimised using a diverter designed and built in Australia by Allume Energy, which facilitates the efficient distribution of solar energy generated during the day. This is then sold to customers in real-time, while excess solar energy can be used to charge batteries that discharge during peak usage times.
This maximises the benefits customers receive from their solar electricity generation and reduces costs as well as dependence on the grid.
“I’m very proud of all our sales teams, as during the month of May we continued to break daily, weekly and monthly intake records customer numbers,” said LPE Chair, Justin Pettett.
“We still have a lot of hard work ahead of us with the roll out of our shared solar product, … [however] I am confident that we can continue to achieve and exceed milestones.”
Justin Pettett, LPE Chair