Mwalimu Sacco will avail Sh500 million in the next two years to its members to acquire solar systems following a new deal with Startimes.
The initiative will enable Mwalimu National Sacco members secure low interest financing for the purchase of solar systems, in a move aimed at helping its members adopt green energy solutions.
This coming at a time that solar energy consumption especially in Nairobi has been on the rise.
Mwalimu Sacco National Chairman Joel Gachari said that the SACCO has allocated an initial budget of Sh250 million for this project in its first year.
“We have also have plans to increase this amount to Sh500 million or more by the following year. The first phase will focus on educating members about the benefits of green energy at events like AGMs and Education Days, with full-scale financing and product rollout planned for the subsequent year,” said Gachari.
As part of this initiative, the SACCO will provide affordable credit options to its members, allowing them to purchase solar products for their homes and workplaces.
Startimes Solar System Partnership Business Manager Grace Njenga, said the initiative is expected to create a ripple effect, promoting the use of clean energy in both rural and urban areas and supporting Kenya’s overall efforts to enhance renewable energy adoption.
She pointed out that currently homeowners around Nairobi are the top buyers of solar panels as they try cut down on power costs.
"Our goal is to make solar energy products affordable and accessible to all Kenyans, and this partnership with Mwalimu Sacco is a major step forward. Together, we will ensure that the benefits of solar energy reach a broader population." She said.
Startimes Director of Solar Sam Deng, said that said that by enabling educators to invest in solar technology, the country is not only promoting renewable energy but also empowering them financially which is not only cost-effective but also environmentally friendly.
The move comes at a time that Kenya's solar power generation capacity hit a fresh record last year following the commissioning of the 40-megawatt (MW) Alten Kenya Solarfarms plant at Kesses in Uasin Gishu.
Data from the Kenya National Bureau of Statistics (KNBS), which was sourced from Kenya Power, showed that solar power generation jumped to a record 491.48 million kilowatt-hours (kWh) in 2023.
This marked an increase of 28.1 percent from an output of 383.54 million units in the previous year.
These products are expected to significantly reduce energy costs, with potential savings of up to 75 percent in electricity bills. The initiative primarily targets teachers, principals, and other employed members within the SACCO’s ecosystem, who can use these loans to install solar systems in their homes or places of work.