A new electricity provider has entered the market in Ireland. Recycling company Panda has launched Panda Power, along with an investment of €40m into the service.

The Irish company is offering power provided through renewable energy sources.

The provider says it will compete aggressively on price, offering a discount unit rate of 15.47 cent - the lowest on the market.

The electricity supplier is being phased to engage with its sister brand's existing 150,000 domestic customer base.

Panda Power's entry into the electricity market has been in planning over the past year - with the company making a significant investment in building a new billing, payments and customer services management system.

The firm confirmed that it will be outlining a series of related developments - including adding to its existing 700 employees and a nationwide consumer marketing campaign.

It will also look to expand its existing customer support centre in Slane, Co Meath.

Panda is Ireland's largest recycling company, with its customer base heavily concentrated in Dublin (Dun Laoghaire Rathdown and Fingal), Louth, Meath, Westmeath and Wicklow.

David Kerr is managing-director of comparison website bonkers.ie.

He told Newstalk Breakfast the new entrant to the electricity market is a win for consumers with improved competition.