Categories: Business

SolarOn: The First Solar Panels Manufacturing Factory Has Launched in Armenia

In the sunniest country, now the solar power will be more accessible

The official opening of SolarOn, the first solar panels producing factory in Armenia, will take place on June 29 in Yerevan. The company has been operating in test mode since spring and has already implemented a number of projects for installation of solar power stations for industrial and residential areas. A mini solar system was installed even in the centre of Yerevan, on the roof of a residential high-rise building

Armenia’s solar potential, according to NASA’s data, is one of the highest in the region and makes up 1760-1800 kWh/m² annually. Such conditions are sufficient to ensure a high level of solar energy production and for the recovery of solar station installation costs in 5-7 years. This means, that in under the terms of the operation of the panels for 30 years, the owner of the mini-station will not pay for the used electricity for almost 25 years.

As noted the founder of SolarOn Artur Alaverdyan, the development of solar energy is of strategic importance for Armenia as it can solve the problem of energy dependence and reset the consumers’ electricity costs.

“As a scientist and businessman, I see my mission in the engagement and investment of high technology for the development of Armenia, especially the technologies that solve the most acute problems for every citizen, business and Armenia. I’m convinced that SolarOn will become a catalyst for the industry development, and our experience will serve as an example for many other investors,” said Mr. Alaverdyan.

The initial investments of SolarOn is about $ 2 million. However, as the investor informs, the volume of investments will be increased for several times with market capitalization, while the cost of solar panels produced in Armenia will gradually decrease. Today, a solar mini-station with a capacity of 1.5 kW, which can produce about 200 kWh of electricity per month, will cost $ 1.5-1.7 thousand.

According to the founder of SolarOn founder, local banks have already been involved in the project by providing leasing for industrial customers, as well as loans to individuals. However, the manufacturer of solar panels is not going to operate only in the Armenian market.

The company plans to to bring the Armenian brand to the neighbouring countries and Europe shortly


Artur Alaverdyan: Scientist-physicist, entrepreneur, founder of a number of companies in the field of energy-efficient technologies, founder of SolarOn, co-founder of  the FAST foundation-“Foundation for Armenian Science and Technology”.

SolarOn: solar panels’ manufacturing and installation company. The company is located in Arshakunyats ave. 25/1, Yerevan. The factory’s production capacity is 10 MW annually, with 50 employees in full production workload.

Solar power plant (system) is a system that allows to convert solar energy into electricity and use for domestic and industrial purposes. The station includes solar panels, inverter and metal items for installation.