Siemens Financial Services has announced it will offer no-money-down financing options for the purchase of energy storage systems among its commercial and industrial customers in the UK.
The company is turning to an “outcome-based” finance model for Siemens-branded Siestorage energy storage systems. Such systems are available to electricity users with electricity demand of between 1MW and 100MW.
Customers will be expected to pay for the system based on battery output, instead of buying it outright. Head of sales in energy finance for Siemens Financial Services, Ian Tyrer, said on solarpowerportal.co.uk that customers would be paying for “what the technology delivers, rather than the technology itself.”
Though this outcome-based finance model has only been launched in Siemens’ UK divisions, it is a growing trend across the company’s worldwide business segments.
The benefit for Siemens’ commercial and industrial customers is a reduction in energy costs as Siestorage lets users arbitrage their electricity purchases and defer them to non-peak times, saving them not just power costs but network costs as well.
Siemens has been active in other areas of energy storage as well. In July, the company, in partnership with AES Corporation, announced their agreement to form a new global energy storage technology and services company under the name Fluence. And in January, Eos Energy and Siemens announced they would partner on battery technology. The deal, according to Eos, enables Siemens’ system integration and project execution capabilities to be used in Eos’ Aurora platform.