In a drastic shift, Nigerians are abandoning traditional electricity sources and embracing solar power as a viable alternative. This move comes in response to the staggering 240% increase in electricity tariffs in 2024, which has left many households struggling to make ends meet. The hike has seen Band A customers, who are guaranteed 20 hours of electricity daily, paying a whopping ₦209/kilowatt-hour, with monthly electricity costs reaching as high as ₦45,000 for a three-person household.

The situation has been further exacerbated by the quadrupling of fuel prices, putting additional strain on households. In Akiode, a community in Lagos, residents are feeling the pinch, with some even requesting to be downgraded from Band A due to the exorbitant costs. "Before Band A, five of us shared one meter, and we contributed around ₦10,000 or ₦15,000, and it lasted the whole month," one resident lamented. "Now, we're recharging daily or weekly. Sometimes, we spend ₦10,000 in one week. That's money we used to spend on food. We can't afford three meals a day anymore."

In the face of these challenges, solar power has emerged as a beacon of hope. While the upfront costs of solar systems can be steep, ranging from ₦400,000 for a basic setup to ₦20 million for a fully off-grid solution, they offer a sustainable and reliable alternative to traditional electricity sources. Social media strategist Agboola Sodiq, who invested ₦4 million in a 2.5kVA inverter system with six 400Watt solar panels, has seen his fuel and electricity bills plummet from ₦300,000 per month to just ₦30,000 to ₦50,000 every six months.

The accessibility barrier, however, remains a significant hurdle. Despite the global decrease in solar equipment prices, Nigeria's exchange rate fluctuations can offset these benefits. To overcome this, flexible financing options, such as microloans, pay-as-you-go systems, and partnerships with solar companies, are being offered to help Nigerians overcome the financial hurdle. Government incentives and subsidies for renewable energy adoption are also being discussed, although implementation has been slow.

As the demand for solar power continues to grow, companies like Sunfi are working to provide more affordable options. "Despite the global decrease in solar prices, fluctuations in the naira exchange rate sometimes offset these benefits. However, the growing variety of solar equipment in Nigeria is helping to offer more price options," explained Rotimi Thomas, CEO of Sunfi.

With the cost of solar equipment decreasing and innovative financing solutions emerging, it is likely that more Nigerians will turn to solar power as a viable alternative to traditional electricity sources. As the country navigates the challenges of rising electricity tariffs and fuel prices, solar power is poised to play a critical role in ensuring energy access and affordability for all.