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Electricity is one of the most important resources in the world. Unfortunately, electricity can be expensive, especially when energy prices are high. That’s why it’s important for governments to ensure that electricity is as affordable as possible.
Cheap electricity is important for a variety of reasons. To begin with, it helps businesses and households save money on their energy bills. When electricity is inexpensive, businesses and households can use as much energy as they need without worrying about the cost. This can help businesses stay competitive and households keep their budgets in check.
Furthermore cheap electricity can help create jobs. When businesses save money on their energy bills, they can reinvest that money into their operations, creating more jobs and stimulating the economy. Cheap electricity can also help businesses expand their operations, which can lead to more job creation.
Finally, cheap electricity can improve energy efficiency. When energy is expensive, households and businesses may be less likely to invest in energy-efficient technologies, such as LED lights and energy-efficient appliances. By making electricity cheaper, households and businesses can invest in these technologies, which can help reduce energy consumption and save money.
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According to Statista.com, a leading provider of market and consumer data, factors like infrastructure, geography, and politically imposed taxes and levies, electricity prices vary greatly around the world and occasionally even within a single nation.
The data platform recently released a data report on the cheapest household electricity prices globally, based on a survey time period of June 2022. The prices of electricity per country were collated, and it was revealed that some countries depending on the aforementioned factors were polar opposites on the electricity cost spectrum.
Naturally, some countries had a higher cost of electricity than others, but the report showed that a number of countries have relatively low electricity prices. The report featured 30 selected countries, 4 of which are African.
Below are the African countries which have the lowest electricity prices on the continent, according to Statista.com. The figures on this list are represented in U.S. dollars per kilowatt-hour.
| Rank | Country | Electricity Price ($/kw) |
|---|---|---|
| 1. | Nigeria | 0.05 |
| 2. | South Africa | 0.15 |
| 3. | Kenya | 0.17 |
| 4. | Rwanda | 0.24 |