Power supply problems continue for homes and businesses in Nigeria. Although renewable energy can provide reliable power, high startup costs make it hard for families and small businesses to adopt. Therefore, to help with these issues, new financing options are encouraging the use of renewable energy.
.Michael Olaitan, co-founder of Powernow-Paylater, is leading the change in Nigeria’s energy sector. His experience from well-known organizations like Jaiz Bank, Moneypoint, and Firstbank shapes his innovative ideas.
The Journey of Inspiration
Michael’s interest in renewable energy began during the COVID-19 pandemic. Specifically, while working from home, he faced power supply problems and decided to invest in solar energy, which helped him save money. As a result, this experience showed him the difficulties small businesses face in getting clean energy.
“I realized that if I, with a decent income, struggled to install solar in my house, small businesses would have it even harder. This realization inspired me to find a solution, knowing that if households faced this issue, businesses would too.” – Michael Olaitan
The Birth of a Solution
.Driven by a love for sustainable energy, Michael co-founded Powernow-Paylater to tackle power issues and financial struggles. In particular, this platform offers small businesses and households affordable and reliable clean energy solutions through a unique credit model, allowing them to ‘power now, pay later.’ By spreading the costs of solar installations over time and providing warranties on equipment, Powernow-Paylater helps businesses switch to solar energy without high upfront costs.
Economic Empowerment through Solar Energy
Switching to solar energy is financially smart for small businesses, especially as fuel prices rise in Nigeria. For instance, on our platform, the cheapest product costs around 500,000 naira and can power essentials like TVs and lights. This allows businesses to manage their finances with monthly payments as low as 35,000 naira. For example, a barber spending 1,500 naira daily on fuel may have monthly costs over 30,000 naira. By contrast, moving to solar power can help businesses like barbershops save on fuel and eventually have no energy costs.
Cultivating a Mindset Shift
As discussions shift to energy efficiency and saving money, Michael emphasizes the need for everyone to change how they think about energy use. Moreover, educating businesses about the benefits of solar energy and energy-efficient equipment is crucial for making the most of renewable energy. Ultimately, this knowledge is key to a sustainable energy future in Nigeria.
Path to Affordability and Sustainability
When asked about the chance of every Nigerian household having 24-hour power supply from solar energy, Michael expressed hope. In addition, he compared Nigeria to developed countries where solar energy is widely used. Michael pointed out that costs could go down as the solar industry grows and competition increases. Consequently, he imagines a future where funds for green energy make solar solutions more accessible.
““I believe we will get there. In fact, even in developed countries like the UK, solar equipment is still being installed, regardless of power supply.”
Practical Steps Towards Solar Adoption
For those interested in switching to solar energy, Michael described an easy process using Powernow-Paylater’s user-friendly app. The platform focuses on being accessible, affordable, and reliable, thus making it easy for users to find solar products. Users can enter their details and choose the best equipment for their needs. Furthermore, by simplifying the verification process and ensuring compatibility, Powernow-Paylater makes it easy for businesses and households to switch to solar energy.
Embracing a Sustainable Future
As Michael Olaitan promotes clean, affordable energy through Powernow-Paylater, his commitment to improving Nigeria’s energy situation is clear. With this goal in mind, he envisions helping businesses and individuals adopt renewable technologies. Michael’s mission reflects sustainability, innovation, and financial empowerment.
To begin your journey towards clean, reliable energy solutions and join the movement for a sustainable future, visit www.michaelolaitan.com. Explore innovative solutions at www.powernow.io and watch the full interview on PlusTv Business Insight.
