Fund 250 units of ReadySets that provide high quality solar energy for homes
This is the second project in the SunFunder-Fenix partnership to bring affordable solar energy to homes in Uganda. Fenix's flagship product is the ReadySet, and there are plenty of benefits from using a ReadySet:
The projected impact from this project loan:
For this project, Fenix International will sell their ReadySets through a combination of distribution channels:
1) Direct sales. Fenix has set up retail stores to sell directly to customers and offer a financing option for their purchases. Customers can put down 0-20% deposit for the ReadySet, and the remainder will be paid monthly over 4-6 months on average via mobile money.
2) Sales through SACCO's. Fenix has relationships with different savings and credit cooperatives to sell ReadySets to their members. Our first project with Fenix is an example of this distribution channel. The products are offered on credit, and the SACCO members pay a fixed amount every month.
3) Sales through local companies' employee engagement programs. Fenix also works with companies to offer their employees ReadySets on credit. Similar to the SACCO model, the employees are given the product upfront and are expected to pay a monthly fixed amount via automatic payroll deductions.
The ReadySet charges from an included 15W solar panel, or from the grid, to provide up to 30 hours of LED lighting or power up to 10 mobile phones on a full charge. The ReadySet can be expanded to utilize up to five 15W panels for a total of 75W, providing multiplied energy for more clean lighting, phone charging, radio and additional services.
All ReadySet customers are supplied with a toll-free maintenance hotline number and have in-country repair services available.
Fenix International is a startup based in San Francisco with offices in Uganda and across East Africa. Their mission is to design and deliver world-changing clean energy solutions to over 1.3 billion people living without power in emerging markets.
The Fenix ReadySet is a smart battery that empowers village entrepreneurs to supply safe, reliable, life-changing electricity to their communities to power mobile phones, lights, water purifiers and even medical devices. The ReadySet’s patent-pending firmware and electronics enable it to be charged from virtually any source of energy including solar, micro-wind, micro-hydro and even a bicycle dynamo to ensure year-round access to sustainable energy.
Only 9% of Uganda's population have access to electricity. This means around 30 million people in Uganda are living off the grid. On average off-grid households in Uganda spend about $10 a month on incumbent energy sources like kerosene, candles, and batteries to meet their basic energy needs. For low-income households, this expense makes up a significant portion of their monthly income. By switching to solar, they can use the money they save by no longer buying incumbent energy sources to make their monthly payments, and eventually have energy access for free once they've paid in full.