Solar Quotes, the pioneering and highly regarded instant quote comparison service for the installation of rooftop PV, has been snapped up by Big Three gentailer Origin Energy, 16 years after its genesis in the walk-in robe of its founder, Finn Peacock.
Peacock shared news of the sale on Thursday and says that – “barring disaster” – he is expecting to hand the company over to Origin on the first of December.
Details on the money that will change hands remain subject to a non-disclosure agreement, but Peacock says Origin’s bid for the business ticked a number of important boxes beyond the financial.
“Obviously there’s money involved, but just as important, if not more important … is that the staff and the installers would get looked after, and the business would be left alone as much as possible,” he told Renew Economy.
Peacock, who will not retain any stake in Solar Quotes following the sale, has agreed to “stick around” for at least a couple of years to continue running the business under Origin’s ownership.
Origin, which held its 2024 annual general meeting on Wednesday, confirmed the acquisition on Thursday, describing Solar Quotes as a “perfect fit” with its evolving consumer energy focus.
The move is an important one for Origin on a number of levels, not least for the reason that it coincides with the winding up of its own rooftop solar installation business, which has dominated the Australian market for years.
“Origin has been a pioneer in solar sales and installation since the beginning of the industry in Australia,” the company’s head of retail, John Briskin, said in an emailed statement on Thursday.
“The maturity of our business and the solar market itself, presents us with an opportunity to enter a new phase in our solar journey and help accelerate electrification for Australian homes.
“SolarQuotes has helped hundreds of thousands of Australians save money while lowering their emissions, which is a perfect fit with Origin’s ambition to lead the energy transition through cleaner energy and customer solutions
“SolarQuotes will continue to run independently with Finn and his team continuing to offer Australians expert advice and access to the largest network of solar and home installers in the country.
“And Origin customers will benefit from access to a network of over 400 installers that provide independent advice and quotes for their solar, batteries and heat pumps.”
For Peacock, it’s time to pass the baton.
“Solar quotes has been my life, basically, for nearly 16 years,” he tells Renew Economy. “I didn’t expect it to grow as big as it did, you know, when I started it in my walk-in wardrobe.
“As it’s got really big, it’s become quite a responsibility. And after close to 16 years, I just decided it was time to give that responsibility to someone else.”
But is Origin up to the task?
“[They] have a fairly good track record of buying up small companies and leaving them alone,” Peacock says. “I think they realise that it would be a bit silly to buy Solar Quotes and then change everything – I mean [its independence] is what makes it work, right? And they realise that.”
Peacock says he thinks Origin has also twigged to something that Solar Quotes reaslied long ago – that the best solar installers are the small and medium “local guys,” and not the huge behemoths.
“They’re the kind of guys that we tried really hard to refer people to and, Origin, you know, they’re obviously a very big solar and battery installation business … but they loved the Solar Quotes model.
“They were thinking of building something similar to that themselves, and ….[when] they heard that I was interested in selling, they said ‘why don’t we just buy Solar Quotes’.
“I’m not naive. I’m not retaining any stakes, so once it’s out of my control, it is out of my control. But all the interactions I’ve had with [Origin] and the people I’ve met… I really do believe that they’re going to look after the staff, the installers and the brand.”
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