In the Chinese PV market, distributed PV generation systems (DG systems) are gaining popularity while centralized PV projects' demand is turning flat. Particularly, residential DG system has drawn more attention as PV product price drops and governmental policies support.
Gree Electric Appliances Inc. of Zhuhai announced to participate the residential PVmarket. Gree launched ultra-friendly price, less than RMB 5.8 per Watt, with a fully-installed and ready-to-use package. This new move offers a new outlook for residential PV industry in China.
Dong Mingzhu, as known as the Iron Lady in China’s business world, led Gree. Dong and Dalian Wanda Group recently signed a PV cell energy storage technology cooperation agreement to increase capital for Zhuhai Yinlong New Energy Co., Ltd., to develop energy storage systems.
A China media pointed out that residential PV market in China has gained wide acceptance because of Beijing/local governments’ and enterprises’ proactive promotion. Dong Mingzhu and Gree appliance expect a positive outlook from this market trend, so the company debuted an integrated residential PV solution.
Each standard set has a capacity from 3kW to 5kW, and the price per watt does not exceed RMB 5.8. This means each set requires less than RMB 17,400~29,000, depending on the capacity. Next, the service of installation at home is included in the package. With proper PV system finance plan, a customer only needs to prepare a 20% down payment to begin to possess his/her own PV system.
Via Gree appliance's national wide outlets and authorized distributors, Gree initially plans to ship out more than one million sets, with a revenue of RMB 20 billion for the first year. Because Gree appliance's channel is comprehensive, with extremely attractive price, this product may rapidly take a seat in the residential and PV Poverty Alleviation Project markets. With Gree's channels, the new player would be beneficial to the PV industry.
(Photo: Chairperson of the Board of Gree, Dong Mingzhu. Source: Gree)