Bank unveils alternative power initiative for homes

Sterling Alternative Finance, the non-interest banking division of Sterling Bank Plc, has announced the launch of an alternative power initiative, called ‘Altpower’, for homes and businesses.

The bank, in a statement on Sunday titled ‘SAF launches clean and affordable power solution for homes, businesses’, said the energy solution would provide consumers with flexible and pocket-friendly options.

According to the statement, 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.

The Head of Digital Business, Sterling Alternative Finance, Mohammed Yinusa, 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.

He said, “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.”

He said individuals and businesses could enjoy uninterrupted power supply through buy outright, lease-to-own or power-as-a-service 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 an uninterrupted power supply.

“These energy products range from inverters to batteries, UPS, surge protectors, solar home systems among others.”

According to Yinusa, a customer who opts for power-as-a-service subscription would have solar-powered inverters delivered and installed without making an advance fee or payment, and will only be required to pay a monthly rental fee.