Nigerians to pay N144,000 for photo voltaic panels govt plans for 5m properties

The federal government says Nigerians will have the option to pay for millions of solar panels under its Economic Sustainability Plan (ESP), which it plans for 5 million households.

The ESP was launched in 2020 in response to the economic crisis caused by the coronavirus pandemic.

To own a solar system, you have the option of paying N4,000 a month for three years. That equates to N144,000 per unit.

This was revealed in a statement by the Office of the Vice President on Thursday. It wasn’t immediately clear what the other alternatives would be.

Vice President Yemi Osinbajo described the program as a “game changer” in terms of Provision Jobs and expansion of the use of renewable energies in the country.

The off-grid project is funded by UBA, Sterling Bank, First Bank and Fidelity Bank and implemented by the Rural Electrification Agency (REA).

The statement said Mr. Osinbajo spoke about the initiative during a virtual engagement with stakeholders involved in implementing the Solar Power Naija initiative on Thursday.

He is reported to have said: “Our solar home system was developed to change the field of renewable energies. In other words, it is not just a program to provide off-grid power, but one that offers opportunities for local capacity development in the assembly, manufacture and even maintenance of equipment. “

“We have already seen great interest from international and local players along the off-grid solar value chain. We are indeed seeing great interest,” said Osinbajo, according to the statement signed by his assistant. Laolu Akande.

The government hopes the plan will serve 25 million Nigerians who are not connected to the national grid.

Regarding the property, Mr. Osinbajo said, “Under the system there is a possibility that beneficiaries may acquire the property directly for a period of three years, possibly at a rough estimate of N4,000 per month.”

“There is also added value to the economy in the area of ​​job creation for at least 250,000 people and the increase in local content in the installation and maintenance of systems for manufacturing solar panels,” it said.

“The banks involved have shown great interest and leadership in this particular area, and we commend them for what they have done so far. We hope that we can work closely with them in the further course. And the same applies to all fitters, manufacturers of off-grid systems. “

Mr. Osinbajo called on the commercial banks to support the step taken by the federal government to develop local capacities for the entire solar sector.

“As you know, the CBN is committed to this and we hope this partnership is one that we can use to achieve great things in the months ahead.

“Please take advantage of the funding opportunities offered and all of our in-house staff are ready to work to ensure that you are successful,” he said.

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