At the beginning of August, electricity prices in Israel rose by 8.6 per cent, following a 2.2 per cent increase, in addition to the global rise in oil prices, which are expected to continue to rise.
Against the backdrop of rising electricity and oil prices, there was a surge in demand for household solar power in Israel, with a rush to install it.
Benefiting from the demand-driven market, several companies operating in the solar market have adopted the economic model of installing systems at their own expense, while guaranteeing current revenues and a return on investment.
Among them, Enerpoint, which was acquired by the automotive importer Colmobil, is one of the largest installers of solar systems and has received a major boost to its growth.
Photovoltaic array at the Jacob Blaustein Desert Institute National Solar Centre in the Negev Desert, Israel
A home solar system installed on a 120 square metre flat roof in the country has been measured to produce 28,927 kWh of electricity in the first year. the customer expects an annual income of 13,885 NIS per year, with an annual return of 14%. The investment in the system installation will be recovered in 6.5 years.
According to Enerpoint, the installation of solar systems using PV technology in private homes in Israel increased by 12% in the first half of 2022 and is expected to rise to over 20% by the end of the year.
This trend showed a significant increase in July and the first days of August.
This trend is also linked to the government's decision - that 20% of electricity by 2025 and 30% by 2030 will come from renewable sources.
Nir Peleg, CEO of Enerpoint, said: "High electricity prices make the solar sector a worthwhile investment, which can generate passive income for homeowners. They are green systems with double-digit annual returns and very low risk."