Solar energy retailer launches in Australia

Australia’s solar energy users have set a world record with the launch of Australia’s first solar energy retailer DC Power Co.

The response among investors eager pay $50 to be among DC Power Co’s first 95,000 customers set a record for the world’s biggest equity crowdfunding launch.

DC Power Co co-founder Nic Frances Gilley said the unprecedented response exceeded his expectations and proved that Australians were looking for a better solar energy deal.

“In just one day, we have already set a world record for the biggest equity crowdfunded campaign for the launch of a business,” Mr Frances Gilley said.

“We knew there would be an appetite for the services we are offering, but the response has been completely overwhelming.”

Equity investor website OnMarket managing director Rosie Kennedy said the DC Power offer had set a new benchmark for equity crowdfunding.

“The first day was the busiest day we’ve had, with more than 3500 investing $50 in support of DC Power. This is on track to being the largest equity crowdfunding deal ever,” Ms Kennedy said.

DC Power Co will be Australia’s only solar-focused energy retailer, guaranteeing customers cheaper power bills by delivering better wholesale electricity prices and feed-in tariffs, and personalised advice on boosting solar capacity.

Mr Frances Gilley said he was confident the company could achieve better savings for customers who have had to “make do with whatever their energy company offered them”.

“Solar customers are fed up with the lack of transparency, trying to work out how much you are saving or could be saving. Never before has there been an energy retailer 100 per cent focused on their needs,” he said.

The company has set a target of 35,000 investors to commence trading, but has opened the offer for up to 95,000 Australians.

Non-solar users and renters are also able to invest in the company and share in future company profits.

Once minimum investor numbers are secured, DC Power Co expects to start operation by the end of the year.