Sterling Bank alternative finance launches energy package for homes, businesses

Sterling Alternative Finance (SAF), the non-interest banking division of Sterling Bank Plc, has introduced to the market, Altpower – a clean and affordable energy solution for homes and businesses across the country.

The energy solution will provide consumers with flexible and pocket-friendly options. It comes with a financing option that eliminates the high entry cost barrier hindering the uptake of alternative energy solutions for most Nigerian homes and businesses.

Mohammed Yinusa, head of digital business, Sterling Alternative Finance, who disclosed this in a statement in Lagos, said Altpower was designed to provide accessible alternative (solar/renewable) power solutions to homes, businesses and public institutions in the country through monthly or instalment-payment plan.

According to him, “Altpower offers a more reliable and affordable energy source to underserved homes and businesses as well as those living and doing business in communities that do not have any access to electricity. It is a reliable, accessible and affordable solution that is scalable to meet every customer’s desired energy needs.”

Listing available options, he urged individuals and businesses that need reliable and affordable power solutions to visit Altpower.ng to start enjoying uninterrupted power supply through buy outright, lease to own or Power as a service (Paas) subscription.

The buy outright option is for customers possessing the financial ability to make full payment for the equipment of the alternative energy package of choice. However, the lease to own package allows customers that cannot afford to pay at once to spread payment for up to a year without interest.

For both category of customers, Altpower curates all the energy products the customer needs to ensure that he has uninterrupted power supply. These energy products range from inverters to batteries, UPS, surge protectors, solar home systems among others.

Mohammed Yinusa said a customer who opts for Power as a service (Paas) would have solar powered inverters delivered and installed without making an advance fee or payment, adding that the customer will only be required to pay a monthly rental fee.

He said Paas, “gives this category of customer more than power as he also gets free installation, maintenance, device to visualize and track his power usage without paying a deposit. Customer do not have to worry about owning and maintaining the equipment or fixing any issue that might arise in the course of usage.”

Citing the benefits of Altpower, head of digital business said the solution would immediately eliminate the cost associated with powering diesel or petrol generators and its accompanying noise pollution.

Other benefits are access to clean and sustainable energy, effective monitoring and efficient use of power. The power and solar powered solution allows customers to charge their batteries when there is sunlight or use power from the grid when sunlight is not available, thereby making it a win-win solution.