CBN/BOI Solar Loan 2026: 9% Interest Scheme — Real Status
Published November 22, 2025 · Updated August 23, 2026 · By Samson Ese · Reading time: 14 minutes
Editorial Notice: This article was originally published when the CBN's 9% Solar Connection Facility was active for qualifying businesses. It has since been updated to reflect the December 2023 suspension of new applications, confirmed through 2026. We've kept the original scheme details for context and existing beneficiaries, and added the current real financing options at the end. Verify any loan offer directly with CBN or BOI before paying anyone.
CBN/BOI Solar Loan 2026: What Happened to the 9% Interest Scheme (Complete Guide)
If you searched for "CBN solar loan 2026" hoping to apply for a 9% interest facility to fund a solar installation, here's the honest, verified answer before anything else: you can't apply for it anymore. The scheme most people mean when they say "CBN 9% solar loan" — officially the Solar Connection Facility, branded as Solar Power Naija — stopped accepting new applications in December 2023, and that suspension is still in effect as of August 2026.
That's not the answer most solar financing content gives you, because most of it was written in 2020 or 2021 and never updated. This guide breaks down exactly what the scheme was, why it was designed the way it was, what happened to it, and — more usefully — what's actually available to Nigerians right now if you need solar financing today.
Who this is for: Business owners, solar equipment sellers, and homeowners researching Nigerian solar financing options. Quick answer: The CBN 9% Solar Connection Facility is closed to new applicants since December 2023. Existing beneficiaries keep their original terms. The current active pathway for new solar financing is the BOI–REA DARES project, a World Bank-backed initiative for households, MSMEs, and rural communities.
Table of Contents
- What the CBN Solar Connection Facility actually was
- The original loan terms and who qualified
- Why it was suspended in 2023, and current 2026 status
- If you're an existing beneficiary
- What's actually available now: BOI–REA DARES
- Other real solar financing options in 2026
- How to avoid fake "CBN 9% solar loan" scams
- Key takeaways
- Frequently asked questions
What the CBN Solar Connection Facility Actually Was
In September 2020, the Central Bank of Nigeria published the Framework for Implementation of the Solar Connection Facility, a ₦140 billion intervention designed to complement the Federal Government's Nigeria Electrification Project (NEP). The goal, according to CBN's own framework document, was to expand energy access to 25 million individuals through 5 million new solar-based electricity connections in communities not connected to the national grid.
Crucially, this was never a personal loan product for individual homeowners wanting to buy a solar inverter for their apartment. It was a wholesale financing facility for companies in the off-grid solar value chain — manufacturers and assemblers of solar components, and off-grid energy retailers who had been pre-qualified under the NEP framework. These companies used the facility to fund working capital and expand their capacity to sell solar home systems and mini-grid connections to end users.
The Original Loan Terms and Who Qualified
| Detail | What It Was |
|---|---|
| Total facility size | ₦140 billion |
| Maximum interest rate | 9% all-in per annum |
| Working capital limit | Up to ₦500 million per qualifying company |
| Working capital calculation | Based on average of 3-year adjusted projected cash flows |
| Who could apply | NEP pre-qualified manufacturers, assemblers, and off-grid energy retailers |
| Who could NOT apply directly | Individual homeowners seeking a personal solar loan |
| Application route | Through Participating Financial Institutions (PFIs), not directly from CBN |
| Administering body | Central Bank of Nigeria (not originally a BOI-branded product) |
Source: CBN Framework for Implementation of the Solar Connection Facility, September 2020 — cbn.gov.ng
Why It Was Suspended in 2023, and Current 2026 Status
In December 2023, under newly appointed CBN Governor Olayemi Cardoso, the apex bank formally discontinued new applications across all its development finance intervention programs — a list that includes NIRSAL, the Anchor Borrowers Programme, AGSMEIS, the Real Sector Support Fund, and the Solar Connection Facility. Access Bank and other deposit money banks confirmed this to customers in writing in January 2024.
Cardoso's stated reason was a policy shift back toward CBN's core mandate: price and monetary stability. He argued that years of quasi-fiscal intervention lending — reportedly over ₦10 trillion — had contributed to excess liquidity and worsened inflation. As of January 2026, reporting confirms the Federal Ministry of Finance is still in the process of taking over development finance responsibility from CBN, meaning the suspension has not been reversed, and no clear relaunch date for a CBN-branded solar facility has been announced.
What This Means for You Right Now
If it's 2026 and someone is offering to help you "apply" for the CBN 9% solar loan, that offer cannot be legitimate as a new application — the window has been closed since December 2023. Anyone charging you a fee to process this application should be treated as a red flag.
If You're an Existing Beneficiary
If your business already secured financing under the Solar Connection Facility before December 2023, the suspension does not affect you. CBN and participating banks confirmed that all existing facilities with already-approved interest rates remain unchanged, and beneficiaries are expected to continue repayment according to their original agreed terms and conditions.
What's Actually Available Now: BOI–REA DARES
The genuinely active solar financing pathway in Nigeria today is the Distributed Access through Renewable Energy Scale-up (DARES) Project, implemented by the Rural Electrification Agency (REA) with BOI's involvement in the financing chain, backed by a $750 million World Bank International Development Association credit facility. It is the largest World Bank distributed electrification initiative ever undertaken, targeting up to 1,500 mini-grids and 1.5 million solar home systems.
Here's the part most articles get wrong: individual households and small businesses do not apply directly for a DARES grant or loan. DARES uses a supply-side subsidy model. Vetted solar companies — called Off-Grid Solar (OGS) Companies — register on the Odyssey digital platform, get approved, and receive subsidy payments tied to verified deployments (a minimum of 100 systems per monthly claim, checked against GPS data, serial numbers, and field verification). That subsidy is what allows these companies to sell you a solar home system at a lower price than they otherwise could.
In plain terms: you don't register on Odyssey — the solar company you're buying from does. Your job is to find and buy from a company that's actually enrolled in the programme.
DARES Components That Matter to You
| Component | Who It's For | How It Works |
|---|---|---|
| SAS-SHS (Solar Home Systems) | Households, especially in rural/underserved areas | Supply-side subsidy paid to registered OGS companies per verified deployment; lowers the price you pay them |
| Solar for Business (SFB) | MSMEs and agro-processing clusters | Lease-to-own and Energy-as-a-Service models; systems sized 1–10 kVA for MSMEs, up to 100 kVA for agro-processing; onboarding was expected to begin in early 2026 per REA's own December 2025 update |
| Productive Use of Energy (PUE) | Farmers, small processors | Supports equipment like cold storage, solar drying, irrigation, and e-mobility infrastructure alongside solar deployment |
How to actually benefit from DARES as a consumer
- Do not attempt to register yourself on the REA-DARES Odyssey portal expecting a personal loan — that portal is for solar companies and developers, not individual buyers.
- Ask any solar vendor you're considering whether they are a registered OGS Company or RESCO under the DARES SAS-SHS programme. Legitimate participants can confirm this.
- If you run an MSME or agro-processing operation, watch for the Solar for Business window opening in your area — it uses lease-to-own terms, which can be more accessible than an upfront cash purchase.
- Cross-check any company's claims against REA's official NEP portal (nep.rea.gov.ng) rather than taking a salesperson's word for it.
What goes wrong: Some sellers market themselves as "DARES-approved" without being formally registered. Ask for proof — a genuine registered company will not be evasive about confirming this.
Note for solar business owners and developers: If you're a solar company owner rather than a buyer, you may also want to know about Stanbic IBTC's DARES Finance facility — a bank-provided revolving credit line (12-month facility, 6-month tranches) specifically to help DARES-participating developers finance equipment acquisition for mini-grid, standalone solar, and productive-use deployments. This is separate from CBN's suspended Solar Connection Facility and is arranged through Odyssey's financing programs listing.
Other Real Solar Financing Options in 2026
| Option | Who It's For | Reality Check |
|---|---|---|
| BOI–REA DARES (SAS-SHS via registered OGS companies) | Households buying from participating solar companies; MSMEs via the SFB window | You don't apply directly — buy from a registered company to get the subsidized price; SFB window for MSMEs began onboarding in early 2026 |
| BOI general MSME loans | CAC-registered businesses | Not solar-specific, but can be used for equipment purchase; requires business registration and documentation |
| Commercial bank solar loans | Individuals and businesses with steady income/collateral | Faster access but expensive — rates commonly range in the high 20s to mid 30s percent annually in the current high-rate environment |
| Pay-as-you-go solar providers | Households wanting to spread cost without a bank loan | No bank involved; cost is spread over the payment plan instead of loan interest, but total cost should be compared carefully |
| Cooperative/group purchasing | Communities, estates, or trader associations | Can reduce per-unit cost through bulk buying, but requires organizing and trust among participants |
How to Avoid Fake "CBN 9% Solar Loan" Scams
- No legitimate CBN scheme charges an upfront "processing fee" via WhatsApp or Telegram agents. Verify directly at cbn.gov.ng or boi.ng.
- Be suspicious of any offer claiming "new applications open" for the Solar Connection Facility specifically — this has been closed since December 2023.
- Cross-check any BOI-branded solar offer against the official BOI website or the REA-DARES portal directly.
- Never make a payment based solely on a social media post or forwarded flyer, however official it looks.
Key Takeaways
- The CBN Solar Connection Facility (Solar Power Naija) genuinely offered 9% all-in interest, but only to pre-qualified businesses in the solar value chain — never a direct personal loan.
- New applications under this and all other CBN development finance intervention funds have been suspended since December 2023, and this remains the case in 2026.
- Existing beneficiaries keep their original approved terms and must continue repayment as agreed.
- The real, currently active pathway for new solar financing is the BOI–REA DARES project's Stand-Alone Solar component, accessed through the REA's Odyssey platform.
- Commercial bank and fintech solar loans remain available but at significantly higher interest rates than the suspended concessional scheme.
- Always verify any solar loan offer directly with CBN, BOI, or REA before paying anyone.
Frequently Asked Questions
Is the CBN 9% solar loan still available in 2026?
No, not for new applicants. CBN suspended new applications under this and all its development finance intervention funds in December 2023, and this remains in effect in 2026.
What was the CBN Solar Connection Facility exactly?
A ₦140 billion CBN intervention launched in 2020, offering up to 9% all-in interest to businesses in the off-grid solar value chain under the Nigeria Electrification Project.
Could individuals apply for the 9% solar loan directly?
No. It was designed for pre-qualified companies — manufacturers, assemblers, and off-grid energy retailers — not individual homeowners.
What is the current best way to get solar financing in Nigeria in 2026?
The BOI–REA DARES project's Stand-Alone Solar component, a World Bank-backed initiative offering result-based financing to households, MSMEs, farmers, and public institutions via REA's Odyssey platform.
Why did CBN suspend its intervention loan programs?
Governor Olayemi Cardoso stated CBN was refocusing on its core mandate of price stability, citing intervention programs' contribution to excess liquidity and inflation.
Do existing beneficiaries still get the low interest rate?
Yes. Approved existing facilities keep their original terms; only new applications were suspended.
Is BOI taking over the solar loan scheme from CBN?
No confirmed direct transfer exists. BOI's active solar role is through the separate DARES project with REA and the World Bank.
Do I apply directly for DARES solar financing?
No. DARES uses a supply-side subsidy model — vetted solar companies (OGS Companies) register on the Odyssey platform and receive subsidy payments for verified deployments, which lowers the price they charge you. As a consumer, your role is to buy from a company actually registered in the programme, not to apply yourself.
How much can I get through DARES?
It's structured as result-based financing tied to verified deployment, not a fixed loan amount — check the official portal for your category.
Are commercial bank solar loans a better option than waiting?
They're faster but far more expensive, often in the high 20s to mid 30s percent annually.
Can I still find CBN circulars about this facility online?
Yes, the original framework remains published on cbn.gov.ng, but should be read knowing new applications are suspended.
What is the Nigeria Electrification Project?
The REA's broader federal programme expanding electricity access via solar mini-grids and standalone systems, under which both the old facility and current DARES project operate.
Is solar financing only for rural communities?
DARES prioritizes underserved rural areas, but MSMEs and institutions elsewhere may qualify depending on the specific window.
How do I know if a "CBN 9% solar loan" offer is a scam?
Any claim of open new applications for this specific facility is false since December 2023. Verify directly through official CBN or BOI channels before paying.
What should I do if I want solar now but can't access concessional financing?
Consider commercial/fintech solar loans, pay-as-you-go providers, cooperative purchasing, or monitor the REA-DARES portal for your eligibility window.
Disclosure: Daily Reality NG has no financial relationship with CBN, BOI, REA, or any lender mentioned. This guide is independent research for reader education.
Disclaimer: This article is for general informational purposes and is not financial or legal advice. Loan terms, eligibility, and programme availability can change; always verify directly with the relevant institution before applying or paying any fee.
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Samson Ese is the founder and editor-in-chief of Daily Reality NG, an independent Nigerian publication based in Warri, Delta State, covering Nigerian fintech, banking, and financial realities from verified research.
© 2025–2026 Daily Reality NG — Empowering Everyday Nigerians | Independently written and fact-checked by Samson Ese based on verified sources.
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