Access Bank Switch to Solar – Affordable Solar Energy Financing, including Solar Panels and Battery Installation for Homes and Businesses.
What is Access Bank Switch to Solar?
The Access Bank Switch to Solar is a lease financing product designed to help households, commercial, and industrial clients transition to clean, reliable, and sustainable energy. This initiative leverages solar photovoltaic (PV) systems and battery storage technologies to reduce dependency on grid power and generators. By providing affordable financing, Access Bank makes it easier for customers to invest in solar energy solutions for their homes or businesses.
With the Switch to Solar product, you can access up to N50 million for the purchase of solar panels, batteries, inverters, and the installation process. This financing option comes with competitive interest rates and offers a flexible repayment period of up to 48 months, with an equity contribution as low as 10% of the invoice value.
How to Get Access Bank Switch to Solar
Getting started with Access Bank Switch to Solar is straightforward. Here’s a step-by-step guide:
- Contact Access Bank: Visit any Access Bank branch or contact their customer service to express your interest in the Switch to Solar program.
- Choose Your Vendor: Obtain a pro forma invoice from one of the approved vendors. This will include the cost of the solar system and installation.
- Submit Your Application: Fill out and submit the Access Bank Switch to Solar lease application form, along with any required documentation.
- Get Approval: Once the bank reviews and approves your application, you can proceed with the installation.
Requirements for Access Bank Switch to Solar for Employees and Business Owners
To qualify for the Switch to Solar lease financing, both salaried employees and business owners must provide specific documentation:
For Salaried Employees:
- A pro forma invoice from an approved vendor addressed to Access Bank and the customer’s name.
- A completed lease application form.
- A copy of your employment ID card.
- A blank transfer of ownership form.
For Business Owners:
- A completed lease application form.
- A personal guarantee and a statement of net worth from a credible guarantor.
- Evidence of company registration with the Corporate Affairs Commission (CAC).
- A simple resolution for enterprises or a board resolution for incorporated companies.
- Three years of audited financial statements (or two years audited and one-year management account for facilities above N20 million).
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Repayment Process, Terms, and Methods for Access Bank Switch to Solar
Access Bank offers a flexible repayment process with terms designed to fit a variety of financial situations. The repayment period is up to 48 months, giving you ample time to settle your loan. Payments can be made monthly, bi-monthly, or quarterly, depending on your agreement with the bank.
Key terms include:
- Competitive Interest Rates: The rates are designed to ensure affordability for customers switching to solar energy.
- Equity Contribution: As low as 10% of the invoice value.
- Loan Tenure: Flexible up to 48 months, making it easier to manage your payments.
Repayment methods are easy, allowing you to make payments through the bank’s online banking platform, mobile app, or at any Access Bank branch.
Interest Rates and Application Form
The interest rates for the Switch to Solar program are competitive, offering customers an affordable way to finance their transition to solar energy. Rates may vary depending on the loan amount, repayment period, and market conditions at the time of application.
To apply, simply request the lease application form or Interest form from any branch of Access Bank across Nigeria or visit www.accessbankplc.com/switch-to-solar, fill the form, and submit it along with the necessary documentation (listed above). You can collect the form at any Access Bank branch or download it from their official website.
List of Vendors Partnering with Access Bank Switch to Solar
Access Bank has partnered with reputable solar energy vendors to ensure that customers receive high-quality products and services. Here’s a list of approved vendors:
- Infranegy Nigeria Ltd
- Digitspot Solutions Ltd
- Vertical Energy and Networks Ltd
- Nta-star TV Network Limited
- Movi Power Systems Ltd
- Olaade Innovative Concepts Ltd
- Artme Ventures Limited
- Solar Plus Total Energy Solutions
- Sims Nig Ltd
- Cloud Energy Photoelectric Ltd
- Eco-power Resources Ltd
- Artu Energy Limited
- Nayo Tropical Technology Ltd
- Solargaps Ltd
- Auxano Solar Nig. Ltd.
- Wavelength Integrated
- Swift Technology Solution
These vendors provide a range of solar PV systems, batteries, and inverters, along with installation services. You can choose a vendor that suits your needs and budget.
Switching to solar energy has never been easier with Access Bank’s affordable financing options. Whether you are a salaried employee or a business owner, the Switch to Solar program can help you enjoy the benefits of clean, sustainable energy while minimizing your electricity costs.
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