A Bristol renewables company that counts Tesco, Glastonbury Festival and the Duchy of Cornwall among its customers has seen a surge in growth as demand for green energy rises.
Solarsense, which sells products such as solar panels and electric battery storage to homes and businesses, reported growth of 120% for the 2021-2022 financial year - and is forecasting to increase its turnover more than fourfold within the next five years.
The 25-year-old firm operates out of net-zero carbon offices in Backwell and has a current turnover of £6m. But with rising demand for green power and a changing energy landscape gathering momentum across the country, the firm said it expected to reach £25m by 2027.
It said its growth would create new jobs in the South West and could be the “catalyst” for a new apprenticeship scheme for solar installers.
“Predicted demand for installations will put significant pressure on current capacity within the market,” explained managing director and joint founder Stephen Barrett.
“Our vision is to change forever the way that UK plc is powered – switching to clean energy is not only good for the environment but also makes economic sense.”
Mr Barratt said with energy prices rising and energy security at the top of the boardroom agenda, Solarsense was predicting “exponential growth” in the next few years.
“It’s great to see innovative energy solutions finally becoming mainstream,” he added. “It’s exciting to be in a period of rapid growth where we can really make an impact on reducing carbon emissions across the South West, Wales and beyond.”
The news comes as the Government is put under more pressure to address the energy crisis. In March, the boss of green energy firm Good Energy slammed the Government’s response to the energy crisis as “inadequate.” Since last year, rising wholesale gas prices around the globe have led to the collapse of dozens of UK energy firms .
In the March Spring Statement, Chancellor Rishi Sunak announced plans to remove VAT on materials such as solar panels, heat pumps and insulation to help bring down energy costs, as well as on wind and water turbines.
Solar panels, energy storage and other clean energy technologies are to be exempt from business rates rises from April 2023, Mr Sunak said. The new investment relief is designed to encourage British businesses to adopt green technologies.
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