MAIN IMAGE: Dean Harvey, process portfolio manager at Nedbank, focusing on AVO Solar Solutions
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There has been no loadshedding over 200 days, but our energy problems are still firmly at the forefront of national discourse – especially as it relates to rising electricity prices. Dean Harvey, process portfolio manager at Nedbank, focusing on AVO Solar Solutions, shares how Nedbank has worked to help homeowners address this issue, and highlights other sustainability products in the pipeline.
Harvey began his career at Nedbank 27 years ago, amassing experience in process engineering, agile delivery and project management.
In 2016, he joined the Beyond Banking Division (previously known as the Digital Fast Lane) as a founding member to immediately create a new lane of delivery with processes, principles, and practices to be used across digital initiatives in the bank.
He headed the development teams that launched the Nedbank Private Wealth App, the Nedbank Money App, Nedbank Online Banking, and the Avo Supershop solutions.
What is the goal of AVO Solar Solutions?
This initiative aligns with Nedbank’s commitment to sustainability and green energy solutions. AVO Solar Solutions provides customers access to solar energy systems, aiming to reduce reliance on traditional energy sources and promote environmental responsibility.
What prompted your involvement with AVO Solar?
Given the bank’s strong foundation in financing renewable energy projects, it made sense to leverage our financial backbone and the partnerships we had created within our ecosystem model.
We then set out to identify opportunities and socioeconomic challenges that we could address using the strengths of our ethos. A small team initially started working on this, but it quickly became clear that the project would expand rapidly, requiring more help. At that time, I felt ready for a change, so I volunteered to assist, drawing on my background in process engineering. I focused on ensuring we had the right processes, skills, people, and technology to grow the ecosystem.
What started as me volunteering to help define the processes quickly led to me becoming the leader of the Avo solar ecosystem. It’s been a year now since I took on this role, and it’s been an exciting journey.
What components do you believe are key to include when designing a new platform, such as the AVO SuperShop?
I believe it’s crucial to stay focused on the problem you’re trying to solve, and I think that’s what has made us successful—we’ve been able to adapt and pivot as needed. When we launched our solar ecosystem, it was during a time when our economy was grappling with severe load shedding and a lack of access to credible installers and the necessary ecosystems to bring renewable energy to homes and businesses.
We leveraged the power of our brand, network, and ecosystem to address these challenges, and I believe what we’re doing right is building trust. We’ve curated a credible list of installers who have gone through a rigorous due diligence process before being onboarded. We’re committed to the long run. So essentially the key things to consider when designing a new platform are solving real socioeconomic problems with the right level of trust, processes, brand support, and more.
What does AVO solar offer homeowners?
We offer a variety of solar solutions tailored to suit your budget, whether you need a cost-effective option or a comprehensive energy system, with financing options starting at R 1,056 per month.
Our selection includes the renowned SunSynk brand and the more affordable Power4less range, both backed by a 10-year warranty.
All our packages come with professional installation by skilled installers. These products can save you up to R142,000 on electricity over 10 years, based on current usage rates (this may vary based on packages installed and electricity usage).
It’s important to mention that Avo solar is available for all South Africans, not only Nedbank clients.
What is your prediction for the growth of solar rooftop solutions in SA? Do you think it will become more affordable?
The growth of solar rooftop solutions in South Africa is expected to be substantial in the coming years. With frequent power outages and load shedding, more South Africans are seeking reliable energy alternatives, driving the demand for solar solutions.
Innovations in solar technology, including higher efficiency panels and improved battery storage, will enhance the value proposition of solar rooftop systems, making them more attractive and cost-effective.
The market is poised for significant growth as the benefits of solar energy become more widely recognized and accessible.
Do you think residential solar sales will ease off as loadshedding pauses, or will this remain a key investment for homeowners?
I’m uncertain how long we can maintain the current levels of no load shedding. While some believe it’s a thing of the past, there’s always the possibility of it returning in different forms. Solar energy has often been seen as a “grudge purchase,” with people primarily investing in it to secure their electricity supply due to load shedding. However, with the urgency of load shedding decreasing, we’ve noticed a significant drop in demand across the ecosystem, from suppliers to consumers.
Despite this, I still believe solar remains a crucial investment, especially with the rising cost of electricity. Since 2008, electricity tariffs have increased by about 650%, and within the next decade, we expect prices to triple. As electricity costs rise, so do the costs of food and other essentials, making it harder for people’s income to keep up with inflation.
We’re focusing on helping people see solar as a wise investment. Recent articles have shown that the break-even point for solar investments has decreased from 7-10 years to just 3-5 years, thanks to lower costs of solutions and funding. Whether you’re paying upfront or financing it through loans, the medium-term benefits of investing in solar far outweigh the long-term risks.
However, we need to do more to raise awareness. Many consumers may not realize the financial benefits of solar until it’s too late, and by then, the costs could be much higher. It’s important to have a medium- to long-term outlook when making these investment decisions, especially now that it’s more about saving money than just securing electricity.
What would your advice be for potential homeowners and existing homeowners looking into solar solutions?
My advice for potential and existing homeowners considering solar solutions is this:
- Understand your current energy consumption and needs. Check your electricity bills to see your average usage.
- Consider any future changes in your energy usage, such as new appliances or changes in household size.
- Invest in high-quality solar panels and inverters. Cheaper options might save money upfront but could lead to higher maintenance costs and lower efficiency.
- Ensure the solar products come with a substantial warranty.
- Ensure the installation is done professionally and complies with local regulations and standards.
Think about scalability. If you might want to expand your system in the future, ensure your initial setup can accommodate it.
What’s next for you professionally?
In the short to medium term, I plan to continue working on renewable energy solutions, not just traditional solar panel and battery setups, but also exploring other areas like hydrogen and wind energy. We’ve recently launched water solutions within the AVO ecosystem and have built a supplier network to support various renewable initiatives.
My goal is to address larger issues, such as the securitization of water, electricity, and eventually, food production. I believe solar energy represents a huge opportunity for both businesses and the economy. I don’t plan to move from this space until we’ve made a meaningful difference in the communities we serve, benefiting our stakeholders and staff as well.
