The upfront cost of a solar system sometimes seems overwhelming, so you may want to resort to other options that make getting your solar system easier at once.
One of these options is applying for aid with a solar financing company to finance your solar system.
Here are some of the top options: Access Bank (Switch to Solar), FCMB (Solar Energy Loan), WiSolar, and Arnergy.
This guide will show you the list of social financing companies in Nigeria and the step-by-step process and requirements to acquire a solar system through a solar financing company.
Key takeaways
- Solar financing companies like Access Bank, FCMB, Sterling Bank, and others let you spread the cost of your solar system over months or years through loans, leases, or payment plans.
- Depending on your needs, you can access financing for as little as ₦550,000 worth of equipment up to ₦500 million for industrial-scale solar installations.
- You only need a small upfront contribution (plus basic documents like a CAC certificate or pay slip) to qualify for most solar financing plans in Nigeria.
- Even though instalment payments add up over time, cutting your dependence on expensive fuel and unreliable grid power makes solar a smart financial decision.
What is a solar financing company?
A solar financing company is an organisation that provides financial solutions such as loans, PPA(power purchase agreements), and leases to both residential and commercial users to purchase solar systems without having to make the entire payment up front.
What are the solar financing companies in Nigeria?
The solar financing companies in Nigeria are mostly banks, financial technology firms, and solar companies that provide various payment plans for both residential and commercial businesses(SMEs) to purchase solar energy.
The solar financing companies can be grouped into;
- Solar financing banks
- Financial technology firms
- Solar companies
Solar financing banks in Nigeria
Solar financing banks in Nigeria include;
- Access Bank
- Sterling Bank (via Imperium)
- First City Monument Bank (FCMB)
- Wema Bank
- Union Bank
- Stanbic IBTC Bank
- First Bank of Nigeria
- Fidelity Bank
- Zenith Bank
- Ecobank
- Unity Bank
- Bank of Industry (BOI)
- Development Bank of Nigeria (DBN)
- Baobab Microfinance Bank
- LAPO Microfinance Bank
We will tell you how much your intended solar system would cost for free.
Access Bank solar financing
Access Bank Nigeria has shown its commitment to development and sustainable renewable energy with its “switch to solar” campaign.
This campaign is aimed at bridging the gap between consumers and the high price of solar systems by providing various financing options, through which individuals can secure loans up to N10 million, while businesses are eligible for up to N50 million.
The financing is designed to be comprehensive, covering the entire cost of a solar system.
Key features of the Access Bank switch to solar loan include;
- Access N10-50m for residential and small business purposes and up to N200m (industrial businesses) for the financing of Solar Photovoltaic (PV), Batteries & inverters, along with installation.
- Competitive interest rate.
- Flexible repayment period up to 48months.
- As low as 10% equity contribution on invoice value.
Documentation requirements for salaried employees
- Pro forma invoice from approved vendors addressed to Access Bank/Customer’s name.
- Completed the lease Application form.
- Copy of employment ID card.
- Blank transfer of ownership.
Documentation requirements for businesses
- Completed the lease application form.
- Personal guarantee and statement of net worth of a credible guarantor.
- Evidence of company registration documents with CAC.
- Simple resolution – For Enterprises & Board Resolution – For incorporated companies
- 3 years audited financial statements or 2 years audited financial Statements and 1-year management account (for facilities of 20m and above).
To apply for the Access Bank solar financing loan, visit the Switch to Solar site and fill out the lease application form.
Solar financial technology companies in Nigeria
- Baobab+
- Onewattsolar
- Infibranches Technologies Limited
- Earthbond Nigeria
Solar companies in Nigeria offering solar financing
- Sun king
- Lumos Nigeria
- Arnergy
- Zola electric
- Cloud energy
How to choose the right solar financing company?
In order to choose the most suitable solar financing company, do the following.
- Get a professional energy audit.
- Compare 2–3 financing offers before choosing.
- Prioritise after-sales support over “cheap” pricing.
- Confirm warranty terms and customer care access.
- Choose an accountable company, not one that is invisible after payment.
Frequently Asked Questions
Yes, it is worth it, though it may seem like the long-term instalment payment plan costs more, the long-term access to power supply and reduced dependence on expensive and unreliable power supply make it a much better option.
This is the current estimated price of solar systems in Nigeria.
System Size | Capacity / Load Guide | Price (Tubular Battery) | Price (Lithium Battery) |
1kVA – 1.5kVA | 1 TV, 3 Fans, 6 Bulbs, Laptops. | ₦550,000 – ₦850,000 | ₦900,000 – ₦1,400,000 |
3kVA – 3.5kVA | Fridge, Freezer, 2 TVs, 6 Fans, Lights. | ₦1,800,000 – ₦2,600,000 | ₦3,200,000 – ₦4,500,000 |
5kVA – 5.5kVA | Full home + 1HP AC (Daytime) + Pump. | ₦3,500,000 – ₦5,200,000 | ₦5,500,000 – ₦7,800,000 |
10kVA | Large Home/Office, 2-3 ACs, Water Heater. | ₦7,500,000 – ₦10,500,000 | ₦11,000,000 – ₦16,000,000 |
20kVA+ | Small Factories, Hotels, Large Estates. | Not recommended | ₦22,000,000 – ₦45,000,000+ |
Conclusion
The switch from the normal power supply from the grid to renewable solar energy is no longer a luxury but a necessity.
Solar financing companies have made it easier to make this decision today. The companies with the best options include: Access Bank, Sterling Bank, F.C.M.B, Earth Bond, Lumos, and Sunking.
Start your journey of independence from unreliable power supply and noisy generators by getting all the required documents ready towards your transition to solar energy.
