10Power provides third party finance for renewable energy projects in emerging economies and empowers communities to promote clean water, gender equality, and ecosystem restoration.
Energy is the backbone that supports advancement in quality of life, yet close to one-fifth of humans on the planet, 1.3 billion people, lack access to electricity. Without consistent power, it is impossible to provide running water, refrigeration of food or vaccines, or access to information technology and global markets. Growth in developing economies will cause the entire world’s energy usage to increase by 150% over the next 15 years. We are at the most crucial crossroad in human history. One direction carries us further down the road that degrades well-being, burns fossil fuels and emits carbon dioxide. The other path is up to us to define. Working with local partners, 10Power finances solar projects to create regenerative growth that reduces global carbon emissions, and economically empowers stakeholders.
Imagine a woman named Angelique living in one of the worst slums in Haiti, Cité Soleil. She lives in a house with no electricity, no running water or toilet, no trash pickup. She works grueling hours in a factory, but barely makes enough money to cover her commute and a little bit of food for her and her child. She is one of the few people in her community with a job, but is she truly fortunate?
10Power's business model disrupts the hand-to-mouth poverty cycle. We identify site-specific appropriate renewable technology, work with local suppliers to install storage, smart meters and inverters, enable customers to pay month by month for their equipment using mobile pre-pay systems, and in the commercial and industrial segment are working with local entrepreneurs to take renewable energy to their communities.
10Power's business model is applicable all over the world. We have mapped out the geographies with the most acute energy poverty and they are actually the places with the most abundant solar generation potential on earth.
10Power's first market is Haiti, the poorest country in the Western hemisphere. In Haiti 66% of the population does not have a connection to the electrical grid, and even those who do experience frequent blackouts and inconsistent power quality. All business owners run diesel generators, which are expensive, subject to oil price shocks, and create carbon emissions as well as black particulate matter, which causes lung cancer. The amortized cost for businesses to run diesel generators is $1.47 per kilowatt hour. This is over 10 times the price of electricity in the U.S., which averages at $0.12 per kilowatt hour.
Operating with a systems-thinking approach, 10Power has built a trust network of local installers, partners, and customers; and identified our first accounts in the water purification, agriculture, health, manufacturing, and retail segments. Our business model directly:
- Creates in-country green jobs with attention to gender empowerment
- Saves businesses money on energy, which increases the local money multiplier
- Improves air quality by decreasing black particulate matter
- Reduces carbon emissions from diesel generators
- Builds regenerative capacity for sustainable economic growth
Providing third party finance for renewables is a proven business model, which revolutionized the U.S. solar market and catapulted growth by introducing billions in institutional money into the sector. This eliminated the single biggest adoption barrier – high upfront cost. Access to capital opened the playing field for solar, increased demand, and in turn drove down the cost of panel production. Solar is already price competitive in energy poor areas, especially when compared to the mix of diesel, propane, kerosene, batteries, and unreliable grids that business owners are using to get by. Solar makes economic sense, but the barrier to obtaining photovoltaic technology in places like Haiti is that business owners do not have access to capital and cannot afford to divert a large capital expenditure from their operations.
After 10Power installs solar on Angelique's factory, she completes the solar technician training program and is able to go back to her home – a remote village on the coast – bringing with her access to renewable energy and technology.