Where can you borrow money to buy solar in Nigeria?
Most Nigerian business owners know that they want and need solar, the upfront cost can still be a hurdle. More and more loans and payment plans are popping up, but at Earthbond, we help you apply for the best one given your needs and your budget. In this article, we've researched the best solar loan and subscription providers to help you make a decision. Here are our recommendations for the top 10 solar loans for your business in 2024:
- Earthbond
- SMEDAN x Sterling
- FCMB
- SunKing
- Dot Bank
- Access Bank
- Arnergy
- Imperium by Sterling
- Stanbic IBTC
- WEMA by Alat
Take the quiz
And get the best recommended solar solution that meets your energy and business needs
Start Your Application
Comparison of the Top 10 Solar Loan Providers
|
Provider
|
Bottom Line
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
Earthbond
|
A one-stop-shop for business looking to get the right solar and find the best financing deals across the market
|
1 to 6%
|
10%
|
₦30,000,000 and above
|
up to 48 months
|
A single application for all the top loan options;
lowest interest rates, highest amounts, and longest term options
|
May need to complete additional requirements to meet partner loan criteria
|
|
SMEDAN x Sterling
|
A joint initiative between SMEDAN and Sterling to empower MSMEs across the country
|
1% to 2%
|
10%
|
₦7,500,000
|
24 months
|
Lowest interest rates
|
Need to open a Sterling Account and register with Databanc
Only available to businesses with less than ₦60,000,000 in annual turnover
|
|
FCMB
|
Commercial bank with access to subsidized interest debt specifically to help businesses adopt solar
|
1% to 2%
|
20%
|
₦30,000,000
|
36 months
|
Lowest interest rates, long term durations, large loan amounts
|
Need to open an FCMB Business bank account
|
|
SunKing
|
Solar pioneer with distribution across the country tailored to micro and small energy users
|
5% to 7%
|
30%
|
₦7,000,000
|
12 months
|
Easiest purchase process; locations across the country; low-cost products
|
High interest rates, small range of low-wattage solutions
|
|
Dot Bank
|
Fintech with fast onboarding process eager to support businesses and households in their energy transition
|
5% to 7%
|
30%
|
₦10,000,000
|
24 months
|
Fast onboarding process
|
High interest rates, Need to open a Dot Bank account
|
|
Access Bank
|
Top commercial bank with cross-country breadth and deep pockets to finance larger scale projects
|
3% to 6%
|
30%
|
₦30,000,000 and above
|
60 months
|
Higher loan amounts and strong customer service
|
Higher interest rates, need to open an Access Bank account for loans
|
|
Arnergy
|
Solar pioneer with a variety of payment options for branded products
|
4% to 6%
|
0%
|
₦30,000,000 and above
|
36 months
|
Solid solar product quality and low barriers to apply, 0 down payment options
|
Higher interest rates, limited and pricier product portfolio
|
|
Imperium by Sterling
|
Solar financing first mover in the market with coverage over a broad number of brands
|
4% to 6%
|
10-30%
|
₦30,000,000 and above
|
48 months
|
Lower down payment requirements, longer term lengths
|
Higher interest rates, need to open Sterling Bank account for loans
|
|
Stanbic IBTC
|
Largest commercial bank with introductory solar financing great for salaried remote workers
|
4% to 6%
|
20%
|
₦20,000,000
|
36 months
|
Longer term lengths
|
Higher interest rates, need to open Sterling Bank account for loans
|
|
WEMA Bank Green Financing
|
Commercial bank with strong small business focus and a green financing product
|
4% to 6%
|
30%
|
₦10,000,000
|
12 months
|
SME-focused customer service
|
Higher interest rates, shorter term lengths need to open Sterling Bank account for loans
|
|
|
|
|
|
|
|
|
|
Earthbond: The one-stop-shop for solar financing
+
Earthbond's solar experts help small businesses identify not only the right solar solution to reduce their energy costs but the best payment plan or loan that brings you cash savings too. Customers only complete one single application and get access to multiple loan options that they qualify for.
Earthbond Solar Financing Summary
Monthly Interest Rates: 1% to 6%
Minimum Required Down Payment: 10%
Maximum Loan Amount: ₦50,000,000
Term length: up to 48 months
Pros: A single application for all the top loan options; one-on-one application support; trusted recommendations across lowest interest rates, highest amounts, and longest term options
Cons: May need to complete additional requirements to meet partner loan criteria
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
1 to 6%
|
10%
|
₦30,000,000 and above
|
up to 48 months
|
A single application for all the top loan options;
lowest interest rates, highest amounts, and longest term options
|
May need to complete additional requirements to meet partner loan criteria
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SMEDAN x Sterling: Ideal for business's with small solar needs
+
SMEDAN's solar offering through Sterling bank gives small businesses already signed up with SMEDAN an easy path to adopt solar, complete with some of the lowest interest rates in the market. While signing up for a sterling business account may take a little bit of ti
SMEDAN x Sterling Solar Financing Summary
Monthly Interest Rates: 1% to 2%
Minimum Required Down Payment: 10%
Maximum Loan Amount: ₦7,500,000
Term length: up to 24 months
Pros: Lowest interest rates
Cons: Need to open a Sterling Account and register with Databanc
Only available to businesses with less than ₦60,000,000 in annual turnover
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
1% to 2%
|
10%
|
₦7,500,000
|
24 months
|
Lowest interest rates
|
Need to open a Sterling Account and register with Databanc
Only available to businesses with less than ₦60,000,000 in annual turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FCMB: Taking strong steps for businesses specifically
+
FCMB is a big stepper in the space, offering subsidized interest rates specifically for businesses who want to transition to solar. With branches across the country, most of the solar financing can be coordinated with the Lagos team even remotely.
FCMB Solar Financing Summary
Monthly Interest Rates: 1% to 2%
Minimum Required Down Payment: 20%
Maximum Loan Amount: ₦30,000,000
Term length: up to 36 months
Pros: Lowest interest rates, long term durations, large loan amounts
Cons: Need to open an FCMB Business bank account
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
1% to 2%
|
20%
|
₦30,000,000
|
36 months
|
Lowest interest rates, long term durations, large loan amounts
|
Need to open an FCMB Business bank account
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SunKing: a solar home system superstore with locations cross the country
+
SunKing has been abundant in the solar space for years but with a strong focus on micro and pico-solar for homes and MSMEs. With shops all over the country, a no pay until delivery policy, and weekly payments - they are perfect for small, very low energy users who are looking for energy independence that doesn't break the bank.
SunKing Solar Financing Summary
Monthly Interest Rates: 5% to 7%
Minimum Required Down Payment: 30%
Maximum Loan Amount: ₦7,000,000
Term length: up to 12 months
Pros: Easiest purchase process; locations across the country; low-cost products
Cons: High interest rates, small range of low-wattage solutions
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
5% to 7%
|
30%
|
₦7,000,000
|
12 months
|
Easiest purchase process; locations across the country; low-cost products
|
High interest rates, small range of low-wattage solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dot Bank: a small but mighty fintech helping business transition to solar
+
A fast-moving fintech that caters to individuals and small businesses with different products across the financial portfolio to help them thrive. They partnered with Earthbond to launch this product in mid-2024 specifically to help small business owners save money on energy as costs continued to rise.
Dot Bank Solar Financing Summary
Monthly Interest Rates: 5% to 7%
Minimum Required Down Payment: 30%
Maximum Loan Amount: ₦10,000,000
Term length: up to 24 months
Pros: Fast onboarding process via Earthbond
Cons: High interest rates, Need to open a Dot Bank account
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
5% to 7%
|
30%
|
₦10,000,000
|
24 months
|
Fast onboarding process
|
High interest rates, Need to open a Dot Bank account
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access Bank: a big bank with bigger pockets to help business owners with big needs
+
Access Bank is a trailblazer in the commercial banking space, and over the past year has opened up their interest in supporting both the clean energy sector and businesses that are looking to transition. While their offerings are still narrow, they are slowly picking up speed and partnering with vendors across the country to deliver.
Access Bank Solar Financing Options Summary
Monthly Interest Rates: 4% to 6%
Minimum Required Down Payment: 0%
Maximum Loan Amount: ₦30,000,000 and above
Term length: up to 60 months
Pros: Higher loan amounts and strong customer service
Cons: Higher interest rates, need to open an Access Bank account for loans
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
3% to 6%
|
30%
|
₦30,000,000 and above
|
60 months
|
Higher loan amounts and strong customer service
|
Higher interest rates, need to open an Access Bank account for loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arnergy: a solar pioneer with multiple payment options
+
Arnergy, backed by Bill Gates, is a pioneer in the Nigerian solar space. they offer a myriad of high quality solar, branded by their own team with a variety of payment plans to create more affordability in the market. They aren't the cheapest, but they offer sound customer service and flexbile payment options to make sure customers have good reason to pay on time for their loans and subscriptions.
Arnergy Solar Options Summary
Monthly Interest Rates: 4% to 6%
Minimum Required Down Payment: 0%
Maximum Loan Amount: ₦30,000,000 and above
Term length: up to 60 months
Pros: Solid solar product quality and low barriers to apply, 0 down payment options
Cons: Higher interest rates, limited and pricier product portfolio
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
4% to 6%
|
0%
|
₦30,000,000 and above
|
36 months
|
Solid solar product quality and low barriers to apply, 0 down payment options
|
Higher interest rates, limited and pricier product portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Imperium by Sterling: a solar startup within a leading bank
+
Sterling was one of the first commercial banks to recognize the solar energy wave and dive in headfirst. Imperium since 2021 has been serving households, businesses and corporations to help offset their generator needs. Today Sterling has the Imperium offering in addition to the SMEDAN offering listed above for their customers and new customers alike.
Imperium by Sterling Summary
Monthly Interest Rates: 4% to 6%
Minimum Required Down Payment: 10%
Maximum Loan Amount: ₦30,000,000
Term length: up to 48 months
Pros: Lower down payment requirements, longer term lengths
Cons: Higher interest rates, need to open Sterling Bank account for loans
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
4% to 6%
|
10-30%
|
₦30,000,000
|
48 months
|
Lower down payment requirements, longer term lengths
|
Higher interest rates, need to open Sterling Bank account for loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stanbic IBTC: Nigeria's largest asset manager going green
+
Stanbic IBTC is one of if not the largest asset manager in Nigeria and they've taken steps to now help their customers save more by switching to solar using one of their credit products. While their current products are mainly focusing on distributors and salaried-workers, we expect the firm to take effortful steps to expand to SMEs and the terms they need.
Stanbic IBTC Solar Financing Product
Monthly Interest Rates: 4% to 6%
Minimum Required Down Payment: 20%
Maximum Loan Amount: ₦20,000,000
Term length: up to 36 months
Pros: Longer term lengths
Cons: Higher interest rates, need to open Stanbic Bank account for loans
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
4% to 6%
|
20%
|
₦20,000,000
|
36 months
|
Longer term lengths
|
Higher interest rates, need to open Stanbic Bank account for loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEMA Bank: SME-centric bank with small scale solar solutions
+
Commercial bank with strong small business focus and a green financing product
WEMA Bank Solar Financing Product
Monthly Interest Rates: 4% to 6%
Minimum Required Down Payment: 30%
Maximum Loan Amount: ₦10,000,000
Term length: up to 12 months
Pros: SME-focused customer service
Cons: Higher interest rates, shorter term lengths need to open WEMA Bank account for loans
|
Interest Rate (monthly)
|
Required Down Payment
|
Maximum Amount
|
Term length
|
Pros
|
Cons
|
|
4% to 6%
|
30%
|
₦10,000,000
|
12 months
|
SME-focused customer service
|
Higher interest rates, shorter term lengths need to open Wema Bank account for loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Conclusion
In conclusion, there are quite a few options for financing in the solar space, though it may take a bit of work to find the right one for you and apply for the loan successfully. At Earthbond, we make it really easy for any business owner to get their options and apply. Get a recommendation from us by completing our questionnaire and see how much you can save by switching to financed solar!
