Citihomes Finance Company, a subsidiary of DLM Capital Group, has launched the Citihomes Clean Energy Loan to address Nigeria’s electricity challenges, where over 85 million people lack access to grid power. Frequent outages and rising energy costs push households and businesses to rely on costly, polluting generators. This loan aims to make solar power more accessible by eliminating high upfront costs.
The Clean Energy Loan offers flexible, short-term financing for individuals and businesses transitioning to solar energy. It provides competitive pricing and minimal documentation, with a maximum Payment to Income (PTI) ratio of 33.3% of net monthly pay. Borrowers must make a 20% down payment, with repayment periods ranging from 180 days to 24 months. Repayments are made through direct debit from salary or business accounts.
To apply, employed customers need an employment letter, ID, utility bill, salary statements, pay slips, and a clean credit report. Business customers must provide CAC documents, utility bills, financial statements, and credit reports.
Solomon Nathaneal, Managing Director of Citihomes, emphasized the company’s commitment to sustainable energy and financial inclusion. He noted that high solar installation costs hinder adoption, and the Clean Energy Loan offers a way to make clean energy more affordable and manageable.
This initiative aims to reduce dependence on fossil fuels, supporting economic growth and environmental sustainability while helping Nigerians adopt more efficient energy solutions.