True Value Solar

Last updated

True Value Solar
Type Private
IndustryRenewable Energy
FoundedMarch 2009
Defunct2018
Headquarters Melbourne, Victoria, Australia
Key people
David McCallum (Managing Director)
ProductsSolar Systems
Increase2.svg A$43.3 million (2011)
Number of employees
< 30
Website truevaluesolar.com.au

True Value Solar was an Australian solar systems sales company, which was founded in 2009 and ceased operations in late 2018. [1] In 2011 German-based M+W Group bought a majority stake in True Value, and bought True Value's remaining 35 per cent of shares in 2013.

Contents

The core business of the company was as a sales company of rooftop solar power systems, with installation and perhaps responsibility for issues by contractors. It operated in all major states in Australia except for the Northern Territory and Australian Capital Territory, although it had no office in Tasmania. [2]

ACCC issues

On 11 April 2016, the Australian Competition & Consumer Commission (ACCC) reported that True Value Solar ceased offering its customers incentives for publishing positive online reviews, following an investigation. [3] On 4 November 2011, the ACCC reported that True Value Solar paid two infringement notices totalling $13,200 and provided a court enforceable undertaking regarding misleading advertising. [4]

Purchase by M+W Group

In March 2013, True Value Solar became fully owned by German-based M+W Group, after the engineering and construction firm bought True Value's remaining 35 per cent shareholding. M+W was already the majority shareholder in the rooftop solar specialist, having bought 65 per cent of the company in 2011. [5]

In March 2011 German engineering firm M+W Group announced that it had purchased a majority stake in National Solar Group, the parent company of True Value Solar at the time. [6]

Executive members

Market presence

The rooftop solar industry in Australia is one of the biggest in the world. With over 1 million residential systems installed throughout the country, the solar sales market is one of the most competitive. [8]

The top ten solar system sales companies in Australia as of April 2017 according to Green Energy Markets include Euro Solar in number one place with around 6.5% of all sales, Powerark (wholesaler/distributor), SolarGain, Origin Energy, AGL Energy, with True Value Solar dropping to tenth place with only around 1% of sales. [9]

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References

  1. "One of Australia's biggest solar installers to shut up shop". 31 October 2018.
  2. "Suren Chandrajit". Smart Company. 21 December 2011. Retrieved 21 December 2011.
  3. "True Value Solar discontinues incentives for positive online reviews". Australian Competition & Consumer Commission . 11 April 2016.
  4. "True Value Solar pays infringement notices for misleading advertising". Australian Competition & Consumer Commission. 4 November 2011.
  5. "Mixed Greens: German firm buys Australia's largest solar installer". RenewEconomy.com.au. 6 March 2013. Retrieved 6 March 2013.
  6. "M+W takes controlling stake in National Solar Group". Australian Financial Review. 13 April 2011. Retrieved 13 April 2011.
  7. "True Value Solar announces new managing director". 14 July 2017.
  8. "Clean Energy Council – Solar PV". www.cleanenergycouncil.org.au. Retrieved 1 March 2017.
  9. "Green Energy Markets – Solar PV Sales" . Retrieved 20 June 2017.