Waste management company Panda is entering the Irish electricity market from today.

Panda Power said it is investing €40m over the first phase of its roll-out and has been approved by the Commission for Energy Regulation to sell electricity to consumers.

The company hopes to convince its 150,000 Panda waste customers to switch to its electricity offering which, it said, will only supply power generated from renewable energy sources. 

Its customer base is mainly concentrated in Dublin, Louth, Meath, Westmeath and Wicklow.

Panda says it will offer an initial discount rate of 15.47 cent per unit, currently the lowest rate on the market.

The company said its entry into the electricity market has been in planning for the last year and it has invested in building a new billing, payments and customers services management system.

Over the coming months, the company said it will outline a series of related developments, including adding to its existing 700 employees and a nationwide consumer market campaign.

Panda's entry to the power market has already met with a response from rival Energia which has cut its unit electricity and gas rates by 2% and 2.5% respectively.