Solar panel, rechargeable battery, and light – all affordable for Africans. And one social enterprise is gearing up to debut a rent-to-own solar pilot project in northern Tanzania.
KARIBU Solar Power is trying to reach the continent that needs the most help in sustainable and affordable energy solutions by using a payment plan that includes small increments which “replicates the required cash flow for kerosene.”
Shop owners can purchase entire sets and then charge a small fee for the use of the system. Each time a person pays to use the battery that money goes toward the owner’s solar panel. Like a lay-away system, when the money to cover the panel’s costs is collected in full, the customer will then own the panel.
However, this is a social enterprise and therefore a profit is not gained by the shop owner but rather used to purchase more stock and pay staff wages. The five-man team secured some funding from investors while adding their own money to the cause. In January, the group will launch an online funding campaign to raise an additional $50,000 to put forth toward the project in Tanzania.
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