Solar Financing in Lagos — Who Offers It
10 providers · three financing models · terms unverified, ask directly
Solar in Lagos is bought outright far less often than people assume. Three financing models dominate — pay-as-you-go, installer spread payments, and bank asset lending — and they suit very different buyers. What follows describes how each works and who actually offers it. It deliberately does not quote deposits or interest rates, for the reason set out below.
The companies below are real and verifiable. Their deposits, tenors and interest rates have NOT been independently confirmed, so none are published here. Nothing on this page is a quote. Contact them directly, and ask for the TOTAL amount payable over the full term — not the monthly figure.
Sun King
Pay-as-you-goPay-as-you-go portable solar — small home systems paid off in instalments.
Lumos
Pay-as-you-goPay-as-you-go solar home systems, historically sold via mobile-network billing.
Baobab+
Pay-as-you-goPay-as-you-go solar kits aimed at off-grid and low-income households.
SunFi
Installer spread paymentSolar financing marketplace matching households to installers and payment plans.
Ashdam Solar
Installer spread paymentLagos installer offering staged/spread payment plans alongside installation.
Sygnite
Installer spread paymentSolar provider offering deposit-plus-tenor payment plans.
Access Bank
Bank lendingNigerian commercial bank; asset/solar financing is offered through its retail lending products.
Sterling Bank
Bank lendingNigerian commercial bank with a long-standing renewable-energy lending focus.
FCMB
Bank lendingNigerian commercial bank offering asset and consumer lending.
Stanbic IBTC
Bank lendingNigerian commercial bank offering asset and consumer lending.
Pay-as-you-go: smallest systems, highest effective cost
PAYG is how most first-time solar buyers in Nigeria start. You take a small kit — typically lights, phone charging and a fan, sometimes a small TV — for a modest deposit, then pay in instalments, often through mobile money or airtime. Miss a payment and the unit is remotely disabled until you pay, which is exactly what makes lending to customers without credit histories possible.
The trade-off is that the total paid over the term is meaningfully more than the cash price, and the kits are small enough that they do not replace a generator for a whole household. PAYG solves lighting and phone charging reliably; it does not run a fridge, a pump or an air conditioner. Judge it against candles, torches and a small generator, not against a full home installation.
Installer spread payments and bank lending
Spread payment plans come from the installer directly: a deposit, then the balance over an agreed number of months, usually with the system installed up front. This is the most common route for full home systems, and the terms vary enormously between installers because each one is funding the gap from its own balance sheet or a partner lender.
Bank asset lending is the third route, and several Nigerian commercial banks lend against solar equipment either as a named renewable product or through ordinary consumer and asset finance. Bank routes usually demand more paperwork — proof of income, sometimes a salary account with the bank — but the pricing is the most transparent of the three, because it is regulated consumer lending rather than a bundled equipment margin.
Why this page does not quote you a rate
Every company listed here is real and verifiable. Their commercial terms are not: deposits, tenors and effective interest rates change frequently, are often negotiated per customer, and are rarely published in a form that can be independently checked. Publishing a specific deposit percentage or monthly figure that we could not verify would be worse than publishing nothing, because you would plan around it.
So treat this as a shortlist of who to call, not a comparison of what they charge. When you do call, ask for the total amount payable over the full term rather than the monthly figure — the monthly number is what gets quoted, and it is the one that hides how much the financing actually costs.
Know the cash price first — it is what tells you whether financing is worth it.
If the monthly payment is below your fuel spend, financing can pay from month one.