Royal Power and Energy Limited has pledged to provide low-cost renewable electricity to Nigerians.
The Chief Executive Officer of the company, Wale Odugbesan, said the company would sell energy to Nigerians at costs below the N225 per kilowatt-hour Band A tariff.
Speaking at a press briefing yesterday, Odugbesan disclosed that Royal Power now installs solar systems in homes and offices at no cost to the customer.
He stated that the user only pays for the energy consumed within a set period, ranging between five years and above.
This, he said, is being done to lessen the burden of pricing as most Nigerians cannot afford the cost of installing solar infrastructure in their homes and businesses.
“For affordability, what we do is we can come and do the installation for you or the business for free. We provide a service like the distribution companies will provide. So, we have a meter there that we’ll install on your roof. The infrastructure is there. We install it at no cost to you. But then, you pay for the power that you consume.
“We have a five-, seven-, or ten-year contract with you. That way, you’re only paying for what you use as opposed to having to go and buy the whole infrastructure. You’ll see the benefits and maybe you’ll save money, “ Odugbesan said.
The CEO said the customer may decide to own the solar infrastructure after some time if he could pay off the cost, having saved money from not using diesel.
“We’ve seen payback periods for some of our customers as low as 18 months. The savings that they’ve made in the amount of diesel that they have not consumed in 18 months is more than enough to pay off the cost of the solar solution,” he stated.
The Royal Power boss disclosed that the company provides energy solutions to banks and telecommunication operators in Nigeria.
He stressed, “Sometimes, it can be quite expensive for you to deploy. So, we have an alternative where we’ll do the deployment for free, and you just pay for the power you consume. The cost depends on your consumption, but I know that it’s usually below the Band A tariff prices.”
