UrbanVolt to supply solar energy to Irish businesses
UrbanVolt, the Dublin-headquartered clean energy company, is to begin supplying clean solar-generated electricity directly to businesses.
The company, which recently raised €7 million in investment from investors including the Ireland Strategic Investment Fund (ISIF), will finance and install solar panels on the rooftops of client companies and sell the solar generated electricity to those same companies at up to 30% below prices charged by traditional electricity suppliers.
Urbanvolt said it expects to charge companies as little as 10¢ per kilowatt hour – compared to 15 - 20¢ per kilowatt hour currently charged by other providers and will finance the installation and maintenance of the solar panels itself.
UrbanVolt said it will guarantee the price for 25 years, protecting businesses against rising energy costs.
Kevin Maughan, CEO of UrbanVolt, said that as well as saving money, it allows businesses to take direct action to reduce their carbon footprint.
"Given how frustrated businesses are waiting for the energy companies to get moving on the climate agenda, we believe it will have huge appeal.
"This is how you can make rapid progress on rolling out green, clean energy and the time is right to begin doing it in Ireland," he said.
Mr Maughan said that the company would offer solar powered electricity alongside its existing LED lighting product.
Urbanvolt was established in 2015 and has concentrated to-date on helping large companies reduce their electricity bills by replacing expensive lighting systems in factories and warehouses with energy efficient LED lighting systems.
Again, the company installs and maintains the LED lights at its own expense.
In the case of lights, UrbanVolt earns its income by sharing the resulting savings with the client company.