“Growth is strong and healthy,” Detlef Neuhaus said in an interview, adding profitability should be reached this year.
By installing solar panels, batteries and heat pumps, home owners are seeking to cut their energy bills after huge price hikes last year when Russia cut fossil fuel exports to the West.
Solarwatt provides high-end photovoltaic rooftop systems that can be combined with its storage batteries and energy management devices, or those from other suppliers.
As such, the company hopes to reduce its vulnerability to cheaper Asian rivals that have brought down some other German solar firms in the past decade.
Solarwatt’s sales in 2022 totalled 330 million euros, more than double the 160 million of 2021.
Turnover of solar systems at the Dresden-based company is expected to rise to 100,000 this year, from 66,000 in 2022 and 32,000 in 2021.
Apart from saving money, homeowners want to reduce their impact on the environment, not just in how they power and heat their homes, but how they run their electric cars, Neuhaus said.
One challenge, though, is shortages of parts and labour.
“There are still difficulties with supply chains and installation capacities,” Neuhaus said.
Also, customers wanting an entire solar-based value chain with panels, battery, heat pump, and digital management, may have to spend a few tens of thousands of euros before they are able to throw out their gas boiler.
Solarwatt is 98%-owned by billionaire BMW shareholder Stefan Quandt.
The company, which operates in a handful of other European markets, plans to raise staff numbers to 940 this year from 810 in 2022 and 600 in 2021.
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