In the recent past, soaring energy prices have had a knock-on effect on many other sectors of the economy generally affecting making production expensive. This has had an effect of making most of the goods that we consume expensive as the manufacturers try to recoup their costs. In a bid to remedy the situation, NCBA Bank has introduced a solar financing facility.
Being that we live in the tropics, Solar is a good alternative to the electricity offered by KPLC because not only is it cheaper, it is also consistent. It has also become a popular and practical alternative at a time when the world is moving towards sustainability and greener energy sources.
Some of the benefits of utilizing Solar include.
Reduced Costs
Utilizing solar as opposed to other sources of energy reduces operating costs by a very wide margin. This is because home owners and businesses alike are able to make savings on their annual energy bills. These savings start immediately after installation and continue to grow over the lifespan of the system.
As electricity prices continue to rise, the savings from solar power become even more pronounced. By generating their own electricity, a business can hedge against future rate increases, providing long-term financial stability.
In many cases, the savings from reduced electricity bills can offset the initial cost of the solar installation within a few years, making it a smart investment for both short-term and long-term financial health.
Enviromental Benefits
Solar power generally contributes to a lower carbon footprint and reduces greenhouse gas emissions. By switching to solar, businesses can play a crucial role in combating climate change because it does not emit harmful pollutants or carbon dioxide, unlike fossil fuels.
Each kilowatt-hour of solar electricity substantially reduces environmental damage, helping preserve ecosystems and improve air quality. Not to mention, widespread adoption of solar power can significantly reduce our dependence on non-renewable energy sources, promoting a more sustainable future.
Durability
Solar energy systems are generally known for their durability and low maintenance requirements. Once you have installed them, they can last for decades with minimal upkeep, making them a cost-effective long-term investment. As a matter of fact, most solar panels come with warranties that last 20 to 25 years, and many systems continue to function efficiently well beyond that timeframe.
Inspite of these obvious benefits, solar uptake by businesses in the country has remained low due to the high cost of acquisition. It was in a bid to rectify this situation that NCBA Bank introduced a solar system financing facility for businesses to enable them enjoy the benefits of low energy costs.
Since the product was launched in 2023, it has seen a rise in uptake of solar systems by business as they rush to reduce their energy costs. One of the happy customers who have been able to enjoy this facility include the Sixty-Seven Airport Hotel.
David Kibanya General Manager Sixty-seven Airport Hotel, had this to say, “This is the best financial solution for green energy. We’re proud to be among the first, especially in hospitality, to use this leasing facility and adopt solar energy. We’re proud to partner with NCBA as this innovative solution aligns with our commitment to reduce our environmental impact and contribute to a sustainable future.”
So, if you have a business and you are looking to increase your efficiency by reducing your energy costs. Look no further than the NCBA Solar Financing facility, visit any branch for more information about how you can reduce your energy costs in a sustainable way.