Increasing grid unreliability and soaring fuel prices have led to a surge in demand for solar energy in power-starved Nigeria. This situation has drawn investor interest in Arnergy, a cleantech startup that has raised a total of $18 million in its latest funding round. Policy shifts, including the removal of Nigeria's fuel subsidy in 2023, have increased petrol prices significantly, making traditional power generators much pricier. Arnergy has adapted its messaging to emphasize cost savings along with reliability, showcasing its lease-to-own model, Z Lite, which is rapidly increasing adoption rates among consumers.
"When we started the business, we used to position solar as a way to get uninterrupted power, not necessarily to save money. It wasn't part of a commercial conversation."
"Now it is, because we can clearly show customers how our systems save them monthly whether using petrol, diesel, or even the grid."
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