Citihomes Finance Company, a subsidiary of DLM Capital Group, has unveiled the Citihomes Clean Energy Loan, a financing solution designed to ease the transition to solar power by eliminating the barrier of high upfront costs as Nigerians continue to grapple with persistent electricity supply challenges.
The company said during the launch that the Citihomes Clean Energy Loan is a short-term financing solution tailored to individuals and businesses looking to switch to renewable energy solutions for their homes and offices.
“By offering flexible repayment plans, competitive pricing, and minimal documentation requirements, Citihomes aims to make solar power more accessible and financially manageable,” the company stated.
Multiple reports have indicated that over 85 million Nigerians lack access to grid electricity, making it one of the countries with the largest energy access deficits in the world.
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Even for those connected to the grid, frequent power outages and soaring energy costs remain significant obstacles, forcing households and businesses to depend on expensive and environmentally harmful alternatives, such as diesel and petrol generators.
Solomon Nathaneal, Managing Director of Citihomes Finance Company, emphasised the company’s commitment to promoting sustainable energy solutions and financial inclusion.
“Access to reliable power remains a critical challenge for many Nigerians, affecting businesses, homes, and overall economic productivity. At Citihomes Finance Company, we recognize that the high cost of solar installation is a major barrier to adoption.
“The Citihomes Clean Energy Loan is our way of ensuring that more individuals and businesses can transition to clean energy with ease, flexible payment options, and minimal financial strain. This initiative aligns with our vision to support economic growth while promoting environmental sustainability,” he added.
What to know about Citihomes Clean Energy Loan
The loan provides flexible financing, subject to a maximum Payment to Income (PTI) ratio of 33.3 percent of net monthly pay. Customers are required to make a minimum down payment of 20 percent of the total cost, with repayment periods ranging from 180 days to 24 months.
Repayments are made through direct debit from the salary or business account, with monthly instalments covering both interest and principal.
To apply, employed customers must submit an employment or confirmation letter, a government-issued ID, a work ID, a utility bill, a six-month salary account statement, three months’ pay slips, an invoice from any CitiHomes-accredited energy solutions vendor, and two clean credit bureau reports. Business customers are required to provide their CAC documents, a government-issued ID, a utility bill, six-month financial statements, an invoice from any CitiHomes-accredited energy solutions vendor, and two clean credit bureau reports.
The company stated: “As Nigeria’s energy crisis continues to impact economic productivity and household stability, innovative financing solutions like the Citihomes Clean Energy Loan offer a sustainable path toward energy independence.
“With this initiative, Citihomes Finance Company reaffirms its commitment to empowering individuals and businesses with financial tools that drive economic growth and environmental sustainability.
“By making solar energy more accessible, this financing solution helps Nigerians reduce their dependence on fossil fuels while embracing a cleaner and more efficient energy future.”
