Which solar financing deal is right for you?
Nigeria now has 5 ways to finance solar. Most people pick the first option they hear about. This calculator shows you the full picture — monthly payments, total costs, and the hidden risks.
Best for businesses
BOI: 9% interest
Lowest rate in Nigeria + 12-month payment holiday
Best for low upfront cost
SunFi: 20% deposit
Instant approval. Pay ₦485k deposit on a ₦2.4M system
Lowest total cost
Cash: ₦0 overpay
Pick any installer. No interest. Full ownership now
₦2,425,000
Not sure? Use our Battery Cost Calculator to get your system size first.
Outright cash purchase
✓ Best valuePay now
₦2,425,000
Total cost all-in
₦2,425,000
vs cash purchase
₦0 extra
You own it
Immediately
Remote disable risk
✓ None
Available to
Nationwide — any installer
⚠️ Watch out
Requires full capital upfront. No payment plan.
Best for: Lowest total cost. Full ownership. Choose any installer.
SunFi
✓ Most flexibleMonthly payment
₦96,853
Deposit
₦485,000
Over 24 months
₦2,324,472
Total cost all-in
₦2,809,472
vs cash purchase
+₦384,472
You own it
After 24 months
Remote disable risk
⚠️ Yes
Available to
Lagos, Abuja, Port Harcourt, Ibadan
⚠️ Watch out
System can be remotely disabled if payment missed. Must use SunFi-vetted installers only.
Best for: Low upfront, spread payments over 2 years
Learn more about SunFi →Arnergy
Monthly payment
₦83,351
Deposit
₦242,500
Over 36 months
₦3,000,636
Total cost all-in
₦3,243,136
vs cash purchase
+₦818,136
You own it
After 36 months
Remote disable risk
⚠️ Yes
Available to
Lagos, Abuja, Port Harcourt (businesses focus)
⚠️ Watch out
Remote disable if payment missed. Business-focused — homes may be deprioritised.
Best for: SMEs and larger homes needing 3kVA+ with low deposit
Learn more about Arnergy →GTBank / Zenith SME Loan
✓ Instant approvalMonthly payment
₦100,307
Deposit
₦0
Over 36 months
₦3,611,052
Total cost all-in
₦3,611,052
vs cash purchase
+₦1,186,052
You own it
Immediately
Remote disable risk
✓ None
Available to
Nationwide — any bank customer
⚠️ Watch out
High interest rate (28%/yr). Requires existing relationship with bank.
Best for: Full ownership immediately. No remote disable risk.
Bank of Industry (BOI)
✓ Lowest rateMonthly payment
₦50,339
Deposit
₦0
Over 60 months
₦3,020,340
Total cost all-in
₦3,020,340
vs cash purchase
+₦595,340
You own it
Immediately
Remote disable risk
✓ None
Available to
Nationwide — for registered businesses only
⚠️ Watch out
Business registration required. Longer approval (4–8 weeks).
Best for: Businesses. Lowest interest in Nigeria. 12-month payment holiday.
Learn more about Bank of Industry (BOI) →Head-to-head comparison
| Metric | Outright cash purchase | SunFi | Arnergy | GTBank / Zenith SME Loan | Bank of Industry (BOI) |
|---|---|---|---|---|---|
| Monthly payment | — | ₦96,853 | ₦83,351 | ₦100,307 | ₦50,339 |
| Deposit required | ₦0 | ₦485,000 | ₦242,500 | ₦0 | ₦0 |
| Total cost | ₦2,425,000 | ₦2,809,472 | ₦3,243,136 | ₦3,611,052 | ₦3,020,340 |
| Overpay vs cash | ₦0 | +₦384,472 | +₦818,136 | +₦1,186,052 | +₦595,340 |
| You own it | Now | 24m | 36m | Now | Now |
| Remote disable | No | Yes | Yes | No | No |
Our recommendation
💰 Cash still wins on total cost (saves ₦384,472 minimum).
If you need payments: SunFi = high interest (18%) but most flexible. BOI = lowest rate (9%) but harder approval. Arnergy = middle ground for SMEs.
Frequently asked questions
What happens if I miss a payment on SunFi or Arnergy?
Their solar system can be remotely disabled. Within 7–14 days of a missed payment, your inverter stops working remotely. You regain power once you pay up. This is their enforcement mechanism to minimize defaults — but it means no automatic failsafe if you face sudden hardship.
Tip: If you choose PAYG, ensure your monthly payment is 10–15% less than your actual solar savings to build a buffer.
When do I actually own the system?
Cash & bank loans: You own it immediately.
SunFi & Arnergy (PAYG/lease): You own it after you finish payments. SunFi = 24 months, Arnergy = 36 months. Until then, the company technically owns it.
BOI: You own it immediately. It's a loan against the solar system as collateral, not a lease.
Can I switch installers after I pay the deposit?
Cash/bank loans: Yes. You're free to pick any installer.
SunFi: No. You must use only SunFi-vetted installers. This is part of their quality assurance.
Arnergy: Limited flexibility. You can negotiate, but they partner with specific installers.
Bottom line: If installer choice is important, cash or bank loan gives you freedom. Check the installer's reputation before committing.
Which option is best if I'm worried about hidden fees?
Cash is the simplest. No interest, no remote disable, just you and your installer.
For PAYG (SunFi/Arnergy): Ask in writing for:
- Exact terms of remote disable (when, how often can it happen?)
- Grace period before disable (how many days late before the switch flips?)
- Maintenance warranty (who fixes it if a part fails during the payment term?)
- What happens if the installer goes out of business
For bank loans: Compare interest rates across 3 banks before applying. GTBank 28% vs BOI 9% is a huge difference.
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