We connect you with single-digit solar loan

With the increasing population and the attendant rapid development, the power need of Nigerians has greatly eclipsed the generating capacity of existing power generating plants. It is a known fact that electricity supply and access has direct impact on a nation’s economy.

Micro, Small and Medium Scale Enterprises (MSMEs) suffer failure due to unreliable power supply. They are often left with no option than to run diesel or gasoline gen sets to power their business. Reliable power supply would enable MSME businesses to grow and this would in turn help to develop Nigeria’s economy and ensure growth. MSMEs are the main driver of economic growth, due to their inclusiveness and development of a nation. The importance of MSMEs to our nation’s economy cannot be overstated, as a matter of fact, the biggest employer of labour in any free economy is the MSME.

Harnessing solar energy to meet the energy needs of businesses in Nigeria is sustainable and cheaper on the long run. The major challenge in using solar system as an alternative energy source is the high upfront cost.

The Bank of Industry (BOI) has set aside ₦1 billion Solar Energy Fund and Novel Power Systems has been partnered with for the implementation of Solar Energy solutions for existing and new MSMEs. The fund in form of loan (single digit) shall be utilized to finance the acquisition and deployment of solar energy solutions to replace petrol and diesel generators for the sustainable operations of MSMEs in Nigeria.

Novel, which is the leading company in the Renewable Energy Sector of Nigeria has partnered with the Bank of Industry (BOI) on Renewable Energy Project matters with the primary aim of providing cutting edge alternative power solution for Nigeria’s domestic, commercial, academic and industrial applications.

We conducted feasibility study on various categories of potential energy users in consideration of their earnings and load profiles. A MODEL was developed which relates the INCOME with suitable SOLAR SYSTEM PACKAGES for a user. This model ensures an easier/affordable payment scheme for users. Solar systems were optimally designed using HOMER Software and then validated with real experiments. The system cost is split in Installment Scheme (between 20% – 40% of their income) for willing customers in form of ‘mortgage’. They take full ownership when the payment is complete. Accompanied with Warranty for the period of payment 6-36 months based on category.

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