Chidalu Onyenso is transforming how Nigeria’s small businesses access energy by building a supportive ecosystem that makes solar power affordable, reliable, and sustainable through her innovation, Eathnond.
Business statistics reveal that electricity is the highest operational cost for Nigerian SMEs. The national grid is unreliable, often giving just 6 to 8 hours of electricity daily.
Given that around 60.5% of Nigerians have access, and about 45% of the population (approximately 90 million people) lack it, businesses are forced to turn to diesel and petrol generators, which are expensive, loud, and highly polluting.
This is a broken system, and Chidalu Onyenso saw that. With a decade of experience as a fintech product manager and degrees from Princeton (Political Economy) and Harvard Business School, she understood these businesses’ financial pain points and energy struggles.
So in 2022, she launched Earthbond, a startup built to solve this problem.
What Earthbond does
Earthbond is a Nigerian startup that provides affordable, reliable solar energy to small and medium-sized enterprises(SMEs) in Nigeria, especially those in off-grid areas with limited or unreliable access to the national electricity grid.
Earthbond begins with a full energy audit, taking time to assess a business’s power needs, generator usage, and overall financial standing. That foundational insight helps them brainstorm a solution tailored to each company.
Based on this assessment, Earthbond creates a custom solar plan for each business’s usage. This ensures businesses only pay for what they need.
To eliminate the most significant barrier, the upfront cost, Earthbond offers lease-to-own financing. Instead of requiring a substantial lump sum, businesses make monthly payments through Earthbond’s financing partners (primarily banks). In most cases, these monthly payments are less than what businesses spend on diesel. After two to five years, they own the solar system outright.
To further reduce costs, the company participates in the carbon credit market. They calculate the carbon emissions that would have resulted from using diesel generators and then sell these carbon credits in the private market. The revenue generated from selling these credits is used to lower the cost of solar systems.
Additionally, Earthbond promotes sustainable expansion by encouraging community referrals. When one business refers others, Earthbond reduces financial risk and accelerates growth through trusted networks.
The real numbers
On average, businesses using Earthbond’s model save approximately 20% monthly on energy costs compared to diesel. Solar systems can be installed and operational in as little as four weeks, providing businesses quick access to reliable power.
Looking ahead, Earthbond aims to facilitate $10 million in solar loans over the next three years, directly challenging Nigeria’s $14 billion generator market with cleaner, more cost-effective alternatives.
The bigger vision
Earthbond is part of Greentown Labs’ ACCEL programme, which supports BIPOC-led climate tech startups with funding and mentorship. Backed by this network and partnered with banks and solar installers, Earthbond is growing quickly and scaling intelligently.
For Chidalu Onyenso, the mission is to make solar power sensible and provide Nigerian SMBs with reliable energy.
